I'm NOT standing up for management on this one but it's possible they did not know about the filing by Novartis. Novartis is driving LEE011, not ASTEX. That said, I believe a reasonably competent management would want to know what their partners a doing.
A quick review of Novartis' website DOES NOT show LEE011 in Ph III trials. Hopefully they will update the site soon. However, this website [Search: Novartis LEE011 clinical trials] shows a Ph III Trial organized on 10/7/2013.
BTW ... Just because management received one bid does not mean they have to accept it. In fact, I believe it means they did not market it correctly.
I saw this on Reuters today - Discussing Big Pharma Sales. Near the end of the article it said ... "Pharmaceutical stocks have had a rough ride in recent years, reflecting growing anxiety about multiple patent expiries on blockbuster drugs over the next five years, at a time when few new drugs are emerging from company laboratories.
As a result, Pfizer, which faces loss of exclusivity on the world's top-selling drug, Lipitor, for high cholesterol, has seen its shares lose more than a quarter of their value in the past year.
Against that bleak market backdrop, leading drugmakers are rethinking their strategy. Some are bulking up their pipelines by striking ever bigger deals with biotechnoloigy companies, as evidenced by Roche Holding AG's (ROG.VX) offer this week to buy out the remainder of Genentech Inc (DNA.N) for $43.7 billion."
Is it possible the lack of communication from SUPG could mean they're in a quiet period?
Someone please explain ... SUPG goes from $-0.31 (2006) to $+0.23 (2007) [Fully Diluted] ... And the price falls. Guidences says 2008 should be 2X 2007. This screams $5.14 (at P/E 20). Most of these type companies have P/Es much higher than 20.
Why doesn't this stock move positively?
OK ... Saw price up $0.22 after-gours ... That still seems too low.