Koufax nailed it on the head - TEVA will buy us out, not PFE. I predict a bidding war - good for us
It's TEVA that's going to buy us out, not PFE.
I personally don't think management will consider a buyout until Otrexup has been on the market for 12 -18 months. They've put in too much (dilution, staffing, research, etc) to not at least give themselves a shot. It's probably a point of pride for management as well to say they transformed a small licensing based biotech to a full fledged proprietary product company. HOWEVER, no matter what they say about ATRS not being for sale - everything is for sale if you throw enough money at it!
But wouldn't a TEVA buyout make more sense? From a business standpoint, TEVA and ATRS probably have a better working relationship than PFE/ATRS but it's splitting hairs. The only thing holding TEVA back is their cash balance. PFE's cash balance dwarfs TEVA's and TEVA's 3B in cash also includes marketable securities (I'm guessing it's IFRS reporting and not GAAP so no distinction is made or necessary).
Look at the ATRS pipeline and compare what we have with TEVA compared with PFE
TEVA - Currently marketed - Tevtropin 5mg, in development - tevtropin 10mg, teva epipen, vibex sumatriptan, teva pen 1, teva pen 2
PFE - OTC advil gel
On the 2013 second quarter earnings call, CEO Paul Wotton had this to say about the Antares-Teva relationship - "And I would say that the relationship with Teva goes all the way up to the top of the company and across the company. And I'm going to tell you this for nothing, it's better than it's ever been before. And I'm very pleased with the amount of progress and the attention we get at Teva now."