Any opinions of peak revenue for plecanatide if the IBS trials hit their endpoints. From what I gather, there may be 50 to 80 million people in the U.S. with either CIC or IBS or both. $2 billion/year does not seem outrageous.
Allegan's CEO out with comments today per the closing of the TEVA deal and the resulting $40 billion in funds it will bring to AGN. Apparently they are ready to start acquiring as soon as that money is available. We will have to wait and see if Synergy in on their list. Certainly having more than Shire interested should help for a better-priced buyout if it comes.
The reason for the offering may have been to get major shareholders a much lower cost basis for their position. This move may garner the votes of those shareholders at a lower buyout price than what they may have wanted 6 or 8 months ago. If Mr. Paulson lowered his cost basis from $8 to $5 through this recent offering, he would be more willing to sell at $10 instead of $15
Maybe the offering was to allow major stockholders to average down on the cost of their stock. That would get their vote on a buyout at a lower price than might have originally been expected 6 months ago. They bought at $8 last year but can now buy another big chunk at $3. That might make a $10 buyout acceptable to them before the end of the year.
Would the buyout price be affected by a note conversion? It seems that a buyout price would be calculated on a fully diluted basis anyway (186.5 million shares+/-). Market conditions have probably brought any buyout offer down, but I don't think what happened today would.