Macquarie $1.33 Value Price, page-43

"MY one criticism of MSB in this entire unfortunate situation, is they should have linked a significant positive program announcement to the US IPO, ie, a cardio program update or diabetes into PhIII etc - giving themselves a much better IPO climate and avoiding pain for shareholders! It was a "significant" step and deserved a "significant" dose of supporting positive news - linked right to the month of the IPO/listing!"

Good point.

That's the sort of advice they should have received in the first place from the offensively remunerated investment banks who arranged the IPO.

But of course, the company couldn't just manufacture a positive programme announcement to coincide with the IPO; they needed to actually HAVE one to announce.

And as we know, long-dated R&D timelines in the biotech sector march to their own deadlines. Maybe another major positive announcement will be forthcoming in the new year. Maybe that's why they only raised somewhat limited funds in the IPO. Maybe a major milestone payment is imminent. Maybe Celgene step up to the plate with that big balance sheet of theirs.

A few maybes in there.
But I guess that's just something I need to learn about the nature of the beast.