fair point Cool, but did you notice the sliding scale for the...

fair point Cool, but did you notice the sliding scale
for the Tacere share of the licence? same applies to us - the more certainty we want in the bet, the more we pay.

but a better way to look at this Tacere transaction, for me anyway, is weighing up the 10% dilution 10% against the intrinsic increase in value (for want of a better term) for getting the HCV programme back (at clinic ready stage), D Suhy on board, plus the AMD programme.

the valuation is a challenge, because time and cashflow are more critical at the moment than end point commercialisation figures. so they need to be factored in.
the fact this HCV programme will get BLT into the clinic much sooner, is to me the most important thing that makes this a hell good deal.

get the human clinical data.

the fact HCV happens to be considered by big pharma as hottest thing going is a bonus.

so i'm back in for 10% to cover dilution, and another 10% because it's a good deal.