Ann: Letter to Shareholders from the Board of Ave, page-21

re: Ann: Letter to Shareholders from the Boar... Bob, your thoughts on this comment from the letter:

"In fact, approval of Isentress and drugs like it actually raised the hurdle and shrunk the market for a drug like ATC during its development"

Now casting my mind back I'm pretty sure when the ATC Ph111 trial had not started Isentress was either deep in Phase111 or even launched ? But certainly Merck had let enough data out that the drug was excellent and analysts were predicting near block buster sales. Either way, using the logic given often by AVX that "every drug that has been in Ph111 has made it to the market" then Isentress hitting the market was entirely foreseeable and thus it's impact on potential ATC revenues should of been likewise foreseeable.

Yet despite AVX having their own integrase programme, so surely aware of Merck's, I can't recall any comment from AVX in regards to Isentress and it's impact

So isn't a bit late for Drona to pull that one out of the hat as a reason for ATC no deal ?