what's next?, page-8

madden13:

"That is correct, their was a limit to their investment. But only for the first 12 months from that initial 19.99% purchase. (According to the initial announcement by MSB when ceph came on board.)

So in reality, TEVA can snap up all of MSB if they choose too. MSB is overwhelming controlled by only a few, so wouldn't be hard if they were to agree, but next to impossible if they don't want to head down that path at the moment."

Right, I recall that bit now. (Just had a birthday and off line). The definitive thing to me is how they have structured the deal with Cephahlon/TEVA to be in partnership. My view is that they like the autonomy and the camaraderie with Cephalon, and it was a stressful time for them when the threat was underway by that Canadian third party (Valeant) for a takeover of Cephalon. The big problem for MSB was the modus operandi of Valeant...they are cowboys and just did not gell with MSB management at all, at least that was my interpretation of the press anns etc that were made by MSB around that time, and the contrast with the Teva situation which came soon after.

Overall I'd say that Itescu and the other significant shareholders from MSB management ('et al') have carefully locked themselves into a situation that maximises the security of the company and allows them independence as evidenced in Deal of the Year with Cephalon/Teva.

I'd say Itescu et al are not out for a quick buck, and that deal was when I got in.

Really weary of great Australian innovation being bought out for chicken feed, while the big guys get the rewards, and I concluded MSB was going to be different. No change to that expectation here. Biotechs in this country are beginning to mature, and MSB is a big leader in how to go about it.