I will add that I still think this is a possible outcome. I think the possibility was much higher when there was a large market capitalisation difference, in favour of ACAD.
The NASDAQ Biotechnology index currently is at all-time highs. Big pharmaceutical companies often are cash rich and need to buy growth. If they aren't cash rich (for whatever reason) issuing shares at high valuations makes it look like (on paper) that both companies get a great deal.
There are so many Biotechnology companies that have market caps greater than 50B USD where they wouldn't need to issue many shares to acquire NEU or even NEU and ACAD together. There are even a number in the hundreds of billions. Eli Lilly is the largest that I am aware of and is approaching the 1 trillion USD mark.
Acadia, page-657
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Last
$22.17 |
Change
1.180(5.62%) |
Mkt cap ! $2.805B | |||
| Open | High | Low | Value | Volume |
| $21.50 | $22.44 | $21.50 | $11.46M | 522.4K |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 3 | 13837 | $24.38 |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| $21.06 | 7122 | 8 |
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| NEU (ASX) Chart |