No news yet of any buyers. It looks like if it were not for the non-cash impaired charge of $11M- ENZN would have made about $3 mil for the year. I would think now that some of the re-structuring has taken place- the company should be profitable from the royalties they receive while they seek out a buyer. Hopefully, they can continue to cut costs as much as possible while we find some suitors. Anyone else have a different take or anything to add?
I think your analysis is right. IMO, they have suitors lined up and are just reviewing the best offer. I don't think you lower overhead/head count by as much as they've done if you don't feel confident the deal will get done. You also don't SUSPEND ALL clinical development activities/research unless you know those activities will start up after a deal is finalized.
In December 2012, the Company announced that its Board of Directors retained Lazard Frères & Co. LLC ("Lazard") to act as financial advisor in a review of the possible sale or disposition of one or more corporate assets or a sale of the Company and that its Board of Directors established a special committee to oversee ale review process. In connection with the sale review process, Enzon has substantially suspended all clinical development activities with a goal of conserving capital and maximizing value returned to its stockholders. The sale review process entails numerous significant risks and uncertainties. There can be no assurance that Enzon's sale review process will result in any transaction.