The upshot of all this is that are basically on track.The only...

The upshot of all this is that are basically on track.

The only question in my mind is when the deal and progress announcemnts do come through are we in for an sp spike, an actual leg up (a re-rating), a fizzer or any combo thereof.

In a bullish market a deal with a big paharma of any ilk sees a spike and a settle to a re-rating - at least for a while.

That would work well for us because the expected multiple announcements could get compressed in to a short period keeping upward sp pressure and locking in some new long term holders. Meanwhile if you have a trading tranche ready to go you can try to pick an out during the spike and make some money there.

In this market - well who nows. The same thing will happen with spikes peaking lower and not as much of a re-rating if any when it settles I guess.

Bring it on during the Santa Claus rally I say (thats if it happens this year !).