First, EOA was one indication that was not heavily factored into by many in the know.
Second, when Varian and Rubin were fumbling around with the names of certain diseases and laughing, this led me to believe that they have something up their sleeves. Though many here got #$%$, I took it as confidence.
Third, diabetes is a major area BP are constantly scouting (see today's WSJ article on how companies scout new drugs) to replace their ageing pipeline.
I personally would not want to be left out of the potential opportunity here.
All just my 2 cents.
Something to ponder is the fact that JPM is the joint book running managers for this offering. I don't recall JPM ever doing a deal for ACAD. This is definitely a first as ACAD has never participated in the JPM Healthcare Confab in Jan. I wonder if they have been retained for future considerations regarding being acquired??