About two years ago, as part of my research on MSB I wanted to see if I could better understand the relationship between Teva and MSB, I spent a few hours/days trawling through publications, presentations and announcements made by Teva in order to get a feel for the way Teva views the relationship.
Because Teva was clearly a very important financial sponsor of one of MSB's most important trials, and so it was important to understand what the risks were around this relationship.
The conclusion of my research - as I shared on these threads about two years ago - was that I had concerns that Teva seemed to be a somewhat reluctant partner and that this was a risk for an investment in MSB (a risk, which it subsequently turns out, ultimately became manifest in spectacular fashion, leaving the MSB in a somewhat challenged financial position today.)
In the same vein, I have repeated the exercise for Celgene, in an attempt to better understand that company's position in relation to MSB (even going so far as reading all 156 pages of the company's latest Annual Report [*]), as well as all press releases, presentations and announcements made by Celgene over the past 12 months.
Presumably, some MSB holders - who are strident promoters of the school of thought that Celgene and MSB are definitely actively engaged in advanced discussions - would have done something similar in terms of checking out what Celgene have had to say in relation to their interactions with MSB , and I am sure that readers of this forum will be very interested in their findings.
All in the interests of collaborative sharing of information and experience, of course, so that the sum total of investment insights might exceed the value of the individual parts, as HotCopper's founding fathers intended.
So, in that spirit, did anyone else conduct any due diligence on Celgence that might be of benefit to followers of MSB?
[*] One thing that I did find interesting was Note on page 85 of the Celgene Annual Report for the 12 months to December 2015, the note entitled "Cash, Cash Equivalents and Marketable Securities Available-for-Sale", notably in the context of how Celgene's investment in MSB stacks up compared to some of the other investments they have made. I must say, Celgene look like pretty smart folk. And their finances are in impeccable order, with their Current Ratio at almost 5 times.
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