The tension betwee Novo's strategic imperative to dominate GLP-1s and antitrust constraints creates exactly the kind of situation where ego and competitive pressure override financial discipline. Their willingness to structure around regulatory concerns with that novel approach shows how badly they want this asset versus letting Pfizer consolidate the next generation pipeline. The proxy background revealing Party 1's higher bid was basically a roadmap for them to come back stronger.
I think someone took out your risk meter and broke it : “but given so much of the deal’s value came in cash arguing about the CVRs value in that context is kind of splitting hairs (the CVR clearly has some positive value!);”. The deal was trading $5 above cash or 10% of the price…… that’s not exactly splitting hairs.
The tension betwee Novo's strategic imperative to dominate GLP-1s and antitrust constraints creates exactly the kind of situation where ego and competitive pressure override financial discipline. Their willingness to structure around regulatory concerns with that novel approach shows how badly they want this asset versus letting Pfizer consolidate the next generation pipeline. The proxy background revealing Party 1's higher bid was basically a roadmap for them to come back stronger.
Any else initially think this was about Microstrategy?
I think someone took out your risk meter and broke it : “but given so much of the deal’s value came in cash arguing about the CVRs value in that context is kind of splitting hairs (the CVR clearly has some positive value!);”. The deal was trading $5 above cash or 10% of the price…… that’s not exactly splitting hairs.