But when that time comes, just know that the buyer will not be paying any more for this than they would have prior to secondary. In other words, the only people that will benefit from the secondary are the WS parasites that orchestrated it. Not sure how management will benefit, but they have clearly found some nefarious way with their WS buds. Selling price will simply be $94M higher than it would have been prior to secondary to account for the fresh cash. There is absolutely no added value to that $21 secondary, except of course to those who orchestrated it.
As an example, prior to the secondary, they had 36.2M shares. $50/share would get them $1.81B. That's $50 share for all pre-secondary SHs.
Now there are 41.3M shares, when you count the over allotment, which of course will be subscribed. There is also an additional $94M in cash. The secondary has no benefit to the science, and therefore no benefit to the buyer. Buyer will now pay $1.81B plus $94M = $1.91B, rounding off to the upside. That garners each shareholder $43.82/share. Each shareholder is ripped off approx $6/share, except of course for those gifted in the secondary, they get a nice $29/share profit or a total of $150M profit, for doing absolutely nothing, for adding no value, for taking no risk. Wow, that's WS! And that $150M is actually part of what is measured in GDP, it is actually considered growth, when in fact, it's cannibalism. What a world.
df, your logic leaves out one critical point. With the added cash, ECYT has more freedom to chose if and when a buyout will be considered, and it is in a much better position to bargain for the best deal. They may be able to get a bidding war or to achieve a much better deal just because they don't need to do the deal now.