I mean this respectfully - I cannot fathom how people think this...

I mean this respectfully - I cannot fathom how people think this is worth $50 per share and a TO offer at that price would get it done.

According to my calculations, based on the rough shares on issue (126m), that would value the company at circa $4.1B. I am not sure how people think it is worth less than Reata, who were purchased for circa $7.3B.

I dont mean any disrespect but I dont understand that on any level. I have tried to understand it and think of the possible rationale and can only come up with one justification, which is that $50 is a significant improvement and increase on the current SP.

We are told that the end markets for the 4 current trials are 5 times the Rett market, I can't understand the $50 claim. If you are a BP, Biogen for example, and you see a drug that is being put up for sale by some holders, for just over half of what you paid for Reata, and you know its worth multiple times that, so much so that it could be a first of its kind treatment for a condition that impacts 1/36 people (Autism), why on earth would you let this see the light of day on Monday, you would have this locked up over the weekend.

Some people claim that this drug could win a Nobel prize, which is a big call but entirely possible, and yet they are willing to give it away based on the current SP, not on the potential market and associated value.

Boggles the mind.

The beauty of life is that people dont have to share my view but were I in Jon's shoes, I would be ignoring any BP or PE firm that was not offering double digits.

$10B is the reserve price for me in the upcoming auction.