Ok, so this may explain why the SP went down. Not as bad as it...

Ok, so this may explain why the SP went down. Not as bad as it sounds, essentially Novartis had an option to fully acquire TG4010 if they wanted to, they chose not to and right about the time the SP started going down. Phase 3 trials will still happen and Transgene are looking for another partner. This is what I found (Transgene media release):

STRASBOURG, France, Apr 28, 2014 (BUSINESS WIRE) -- Regulatory News:

Transgene SA FR:TNG -14.42% (nyse-euronext:TNG) today announced that Novartis has informed the Company that it will not exercise its option for the global development and commercialization rights to TG4010 MUC1 targeted cancer immunotherapy. As a result, Transgene retains all rights to the program.

"We regret that Novartis has chosen not to use its exclusivity period to opt-in and become our global partner for TG4010," said Philippe Archinard, Chairman and Chief Executive Officer of Transgene. He added: "We are committed to start a Phase 3 trial in advanced lung cancer as rapidly as possible as the data obtained with this cancer immunotherapy are compelling, and we are well financed to move our plans forward. In parallel, we will now be actively looking for a partner to co-develop and commercialize TG4010. A variety of global players active in the field of cancer immunotherapy have already expressed interest in the program."

Plans for the Phase 3 part of the TIME trial in MUC1+ patients with Stage IV non-small cell lung cancer (NSCLC) are well advanced, and Transgene is working to move into Phase 3 in the second half of this year, contingent on discussions with regulatory authorities.

The data from the Phase 2b part of the TIME trial continue to mature; Transgene expects detailed results to be presented at a major medical meeting later this year.

If I had to pick a reason for the SP downturn I'd lean towards this, the CR was confirmed before this announcement but placed afterwards. So with Pattersons still getting the full placement over the line they must be pretty confident things will still continue to progress on all fronts for VHL.

All the best to holders.