Savient's abstract, #FR-PO417, entitled "Pegloticase, a Recombinant Uricase for the Treatment of Advanced Gout, Maintains Therapeutic Concentrations During Dialysis
The floor is now set to $55M and what may K be worth in an auction?
During this year - 17 companies have explored the potential purchase of the Company's business.
The floor is now set to $50M and what may K be worth in an auction?
"Approximately 17 of these parties entered into non-disclosure agreements ("NDAs") with the Company to further explore the potential purchase of the Company's business."
All depends of how pharma today value the unique science of K.
I do not think you can value the odds to be poor, just because of chapter 11. Only other pharma knows how to calculate the value. And who knows and are able to estimate the sales price today, and what may be left over to shareholders?
15. As of the period ending June 30, 2013 the Company had $73,757,000 in
assets and $260,379,000 in liabilities on a book value basis. As of the Petition Date, the Debtors
had approximately $27.5 million in cash.
I assume pharma companies can value K prospects and its potential to do label expansions.
And do so much better than you.
Done extensive due diligence.
"32. After reviewing the five preliminary proposals the Debtors invited all five parties that had submitted proposals to continue to the next round of the sales process. On August 27, 2013 Lazard distributed bid instructions to these parties which described the requirements for each bid (including a September 16, 2013 deadline for definitive proposals) and provided a copy of the Company's proposed form of acquisition agreement. The Debtors engaged extensively with the potential bidders concerning a possible transaction. Among other things, the Debtors arranged in-person meetings between the potential bidders and the Debtors' senior management and advisors, and afforded potential bidders the opportunity for extensive due diligence via the electronic data room. In addition, the Debtors provided the potential bidders with an opportunity to tour the facilities of BTG, the Israeli manufacturer of KRYSTEXXA. Some of the potential bidders also visited Sigma Tau, who provides the Debtors with "fill and finish" services for KRYSTEXXA."
What is the true market VALUE of K??
There is a Long list of potential buyer.
From: Declaration of John P. Hamill in Support of Chapter 11 Petitions and First Day Pleadings
"31. In connection with the sale process, in May 2013, Lazard developed a list
of potentially interested parties and solicited such parties' interest in a sale transaction.
Beginning in June 2013, Lazard contacted 57 potential buyers, including well-capitalized
pharmaceutical companies, privately-held specialty pharmaceutical companies and select
financial buyers. Approximately 17 of these parties entered into non-disclosure agreements
("NDAs") with the Company to further explore the potential purchase of the Company's
business. Among other things, a virtual data room was established containing extensive
information about the Company including documents describing the Company's business and
financial results in considerable detail. The Debtors established July 26, 2013 as the deadline for
submitting non-binding preliminary proposals. Five parties submitted non-binding preliminary
"The Nortel patents were sold through a chapter 11 bankruptcy sale to a consortium that included Apple, Microsoft and RIM, who outbid Google, the stalking horse bidder at $900 Million."
"WILMINGTON, Del.—Judges in the U.S. and Canada Monday gave the nod to a $4.5 billion patent sale that marks a shift in the balance of power in the technology wars over mobile applications and a major improvement in the fortunes of creditors of Nortel Networks Corp.
The sale of Nortel's portfolio of technology patents means the liquidating telecommunications maker will have more than $7.5 billion in cash to cover its bills, a few billion more than anyone expected just weeks ago. A four-day auction in New York closed with a price five times the stalking-horse bid, sending the prices on Nortel's bonds above 100 cents on the dollar."
"this process still has to start with the SEC issuing some kind of 180 days non-compliance letter"
I Do not think so.
They can request to transfer listing at any time.
They may inform Nasdaq about other plans that may impact listing.
In my opinion.
But I see a buyout may be pending.
In my opinion.
"Within four business days of the receipt of the delisting letter, the company must publicly announce the receipt of the letter by filing an 8-K with the SEC". Why no letter?
What have they possibly done to prevent it?
It looks like IMO that they may have requested something in advance.
Some of my thoughts:
*requested to transfer its stock listing from the Nasdaq Global Market to the Nasdaq Capital Market? This request may stay the delisting process pending the decision??
*requested hearing? This request will stay the delisting process pending the decision of the panel.
*are in discussion about the additional grace period??
*requested extended time due to a ongoing buyout discussion? This request may stay the delisting process pending the decision of a buyout??
All in my opinion and no advice.
"Delisting Letter: If a company is unable to regain compliance within the grace period (including the additional grace period, if available), NASDAQ will issue a delisting letter. Within four business days of the receipt of the delisting letter, the company must publicly announce the receipt of the letter by filing an 8-K with the SEC."
"Upon receipt of a delisting letter the company will have seven days to submit a written request for a hearing before the NASDAQ Listing Qualifications Panel. The timely submission of this request will stay the delisting process pending the decision of the panel."
Ha ha ha
You are so funny and full of S.
Why are you here? I see YOU in 9M reasons of why.
Sentiment: Strong Buy
My thoughts - transfer its stock listing from the Nasdaq Global Market to the Nasdaq Capital Market?
Or a major news?
In my opinion and no advice.
"Within four business days of the receipt of the deficiency notice, a company must publicly disclose the receipt of the deficiency notice by filing an 8-K with the SEC. The 8-K must disclose the date the deficiency notice was received, describe the listing requirement the company has failed to satisfy and detail any action it plans to take in response to such deficiency notice."
So something may happen soon.
In my opinion and no advice.