Since Saturday morning, the posts on the MB have been over the top on the price ICPT will rise once the markets opened up on Tuesday. Some even had a GILD deal ready to be announced on Monday. I was chastised for offering a $145-$150 price today. I will probably not be too far off.
I think ICPT has a bright future but it will take longer to manifest itself. Once GILD bought into Nimbus, you knew that a major liver disease company was out of play. But the real issue is Hillary and her desire to get drug prices down. VRX and Martin Shrikeli did a lot to cause this problem. ICPT's NASH potential is immature but promising, They have $700k in the bank to fund the trial. ICPT will not sell at a Hillary-degraded price. They are smart to wait. Buyers will not offer big prices until the political overhang is gone.
All this played out last week with very poor trading in a stock about to receive FDA approval. ICPT will trade in will defined bounds until something happens to change the value of the company.
The last ER for GILD was bad. The stock is in portfolios that demand performance now. Wall Street is dysfunctional this way. ICPT NASH is a few years away and an orphan indication for PBC will not move the needle. I think the Nimbus acquisition was a "tell."
Many people misread GILD's need to acquire. Yes they do need to buy an asset, but it must be immediately accretive to sales and earnings growth rate. Like it or not, this is the Wall Street game. In baseball, teams will acquire a hot pitcher in July or August to make a run for the pennant. This is GILD.
I viewed the Nimbus acquisition as drafting an 18 yo into the farm team. It will take years for Nimbus to commercialize a NASH product. It would seem that GILD made a run at ICPT and backed out when the price got too steep. They then went with Nimbus.
A new drug in a new indication is not a done deal after a successful P3 and FDA approval. There is insurance coverage, foreign markets, and side effects not seen during trials. I would rate ICPT as a promising AAA baseball player who is called up during a pennant race to fill a gap perhaps only for one start.
Getting back to your question: GILD does not need two solutions for NASH.