nasdaq trading, page-28

K compared to Prana, as targets go, ACAD are playing second division. Prana are going after the big one, an unserved market for a disease modifying Alzheimer's drug, estimated by some commentators to be worth $20b annually.
How about this for a suggestion. A big pharma pay $250m up front and extend Prana a $500m line of credit. Before the deal is announced Prana issue 20% of co in extra stock to the said pharma at market price. 50/50 split of the entire MPAC platform.
Price goes berserk on the announcement and the pharma already have their money back, plus some. Prana still funding 50% of development costs with a strong say in ongoing development.

Sounds far out right. That is pretty much exactly what JNJ did with ELN to get just 25% of BAPI, only with bigger numbers, but ELN was in a much stronger cash position from earnings from their split with Biogen on Tysabri.

http://online.wsj.com/news/articles/SB124653774843985569

Footnote on ELN. Bapi is dead, they already spun off most of their development projects in Prothena. While Bapi was a hot prospect Elan market cap was up around $20b but fell $10b when their phase 2 AD trial failed. ELN is now about to be taken over by the US drugmaker Perrigo in a deal that values Elan at about $8.6b and Elan has never made a profit. Shareholders yesterday voted 99% in favor of the acquisition. Perrigo intends to incorporate in Ireland to take advantage of the 12% Irish tax.