Sorry, I must not have made myself clear. Celgene would walk away because they might have lost faith in the opportunity. Got better things to do with their time.
Well, why else walk away? They obviously weren't prepared to stump up more cash. This situation could have put the wind up MSB, losing a vaunted supporter just on IPO launch. Very bad look.
In desperation MSB might have said extend for free and we'll give bonus applications. Why else would MSB give away options over apps that could be marketed for $ to some other outfit? Doesn't compute. And would Celgene not have another bite of the cherry for free?
This sounds a very possible explanation to me. Anyway, won't matter in the long run because even though Celgene gets a free kick they'll score with it. And we share the trophy.
MSB Price at posting:
$1.67 Sentiment: Hold Disclosure: Held
(20min delay)