You are 100% correct................opinion FWIW....PDL feels strong enough that Roche did in fact challenge the patent that they filed suit against them in Nevada over the (2003?) agreement. That's a possible $1 BILLION payout against Roche. Add that to PDL assets and the Medimmune issue becomes mute. As mentioned before it would be in Roche's best interest to settle or Buy PDL thus saving them future royalities, getting the possible drugs that are in the pipeline and the other royalities PDL gets get in the future. Easily over $11 PER SHARE!!!!!!!!!!!FOR PDL STOCKHOLDERS
But did Roche go public with the "polite letter"? I nosed around a little but not much when I first read about it, but all I ever saw was in the vein of "PDLI announced..." Was PDLI legally obligated to make the letter public? Ethically obligated? On the one hand, I suppose as an investor I might have "concerns" if it ever surfaced that the "inquiry" was made by Roche and PDLI did not inform its investors. It might look like a cover up. But on the other hand, I couldn't help but think... if Roche didn't make the letter public, they didn't cause the dip in the stock price at the time. PDLI caused that.
I suppose the wording of the "no challenge" clause probably doesn't make any discrimination regarding whether the challenge inflicts damages on PDLI. That said, I still can't help but wonder if PDLI was trying to paint itself as a "victim" in order to give some teeth to the charge that Roche "challenged" them.