TEVA as equity financer????, page-187

It is, @hodgsop, as you say, "complicated". We are reduced to dissecting words and examining entrails in order to find a level of meaning that the original statements that we are dissecting possibly didn't intend to convey. Very frustrating, especially since some clear answers from MSB could dispel doubt. On which subject, the email I sent to J Meldrum yesterday has not been answered so I forwarded it to M Schuster a few minutes ago, with an additional query asking if, in the situation that MSB might have allowed Teva to walk, was that at the direct request of Teva. I'm sure you can see what I'm after.

Anyway, most have probably read my hopeful scenario giving an alternative exit for Teva in place of what has been presented as the "only" one as in "For the avoidance of doubt, Cephalon shall have a right to withdraw from the P3CHF Trial only if (1) the Statistician determines that the surrogate endpoints set forth in paragraph 3 above have not been achieved;"
I refer to Teva asking MSB to allow them to go due to Teva's own financing and regulatory issues. I have now thought of yet another scenario that could have impelled Teva to ask MSB for a deal.

It appears from past actions and delays that Teva was a reluctant heir of the CHF opportunity. It is very possible that board discussions were robust and the remain vote barely exceeded the exit vote. I can see a situation where agreement was reached that they would continue to kick $ in only until the statistician's yes/no opinion was presented. Anything but a "yes" would mean they leave. Sensible compromise. But what about if the FDA's "advice" (as good as an order) that no results at all were to be released were taken to include the stat's report, then Teva is stuck without a remain/exit indicator. Which means they don't have a "yes" and therefore they leave. Since that decision is not underwritten by a statistician's "no" they have to ask MSB for a deal.

Seems plausible to me. Another reason for Teva to depart without the let-out clause in the agreement being triggered.

So simple for MSB to clear this up. I await an answer to my email. Won't be surprised if it's a load of mushroom compost.