This JNJ/ELN arrangement to "finance" purchase of BIIB's share of T is a change of control at ELN and should allow BIIB and/or a new partner with BIIB to buy out Elan's share of T. I think this argument will be made by BIIB/Ichan and that a buyer of BIIB(say SNY) will join BIIB in this position. This is just too complicated...damn JNJ..too smart but we will get them.
"This JNJ/ELN arrangement to "finance" purchase of BIIB's share of T is a change of control at ELN and should allow BIIB and/or a new partner with BIIB to buy out Elan's share of T"
You couldn't be more wrong. What this arrangement between JNJ and Elan does is allows JNJ to purchase Biogen's rights to Tysabri in the event Biogen gets bought out. It couldn't be more simple to explain. Biogen gets bought, the purchaser loses Tysabri to Elan/JNJ and possibly Rituxan to Genentech/Roche. Got it?
Do you think he has won already...the game is not nearly over as I see it...Carl and his board members have more to do...unless the announcement just has not yet been made...and I await with baited breath!!
You two can't even see the writing on the wall. Now that JNJ has staked a claim on Elan and Tysabri, it is even LESS likely that a 3rd party would make a play for Biogen Idec. Now, Genentech would take Rituxan on the cheap from the change in control provisions, JNJ/ELAN would take Tysabri on the cheap from change in control provisions, and all you are left with is an interferon that is going to be losing massive share in the future to new competition in MS. The pipeline lacks any clear future blockbusters - far too much time needed to see how the pipeline pans out for a strategic buyer.