so Sandy...if what you're saying is true, that BVF has made if clear they are interested in taking Ligand private, Higgins and the board have a responsibility to explore this option, right? Or do you think they are of the mindset that they can create more shareholder value by continuing to be a publicly traded company? Personally, I'd rather take $35/share now than have to wait 3-4 years for $40.
The board has such a responsibility only if a bonafied offer has been made. But BVF is a value fund - they will be happy waiting - perhaps helping to cause - a technical swoon, and then buy more on the dips. I don't see BVF as the high dollar buyer for $LGND. And actually $LGND is a bit of a work in progress still to be acquired by the usual suspects.
Which is why we continue to wave our "break $LGND in two now" sign.
We think we'd see a 50% pop to your range from the mere announcement $LGND was to break into two separate companies; a public royalty monitization play that pays a small but growing div, and a separate classic public R&D co. The R&D is being held back given it is underfunded and the $LGND value investors will flee (and/or axe Higgins) if they now hint they are about to do a massive secondary. Meanwhile the royalty monitization entity will never get full value unless there is a near term path to have a meaningful return of capital.