New research report from Evolution Capital, page-39

An investment in Edwards doesn't mean that Perceptive expects to hold Edwards for 5 years or that they expect them to buy us out, they may, but an initial purchase just means they think the stock is an attractive price now.

Institution or retail, we all invest to make money and if everything goes well we are likely still 4 years from taking a big bite out of the TAVR market if we go it alone. We aren't going to immediately go from FDA approval to 25% market share, it will take time. If Perceptive thinks Edwards is a good bet over the next few years then why not initiate a position. It's interesting that their investment in Edwards is for not much more than they put into us but we'll see in their filings next quarter if they increase their investment in EW.