Lets see, Tekmira has a market cap of $27M, so add a 25% premium and buy the company for say $35M with these proceeds. You immediately remove a cloud over ALNY, cut your ongoing legal fees, take away the risk of loss in litigation, and own the technology. It worked for ISRG in their early days. Lets put this to bed and move forward concentrating on the science.
You don't buy small companies. You push them into more legal battles to exhaust their war chest and force them to arbitration.
Alny should not need this secondary money until 2014. By then they must think stock will be above $20. It will certainly not go up in a straight line. The $11.75 after hours tonight still looks rich. Barring any surprise news, it should go lower, not $6.50 but perhaps $9. I will be a buyer at that price and will be back to join the ride.