@yannpiot I understand where you're coming from on this. Upon...

@yannpiot I understand where you're coming from on this. Upon first investing into RAC it was very challenging to get my head around the pharma industry, the science and whole business of developing drugs... and I'm sure I'm not alone in saying that I still struggle to understand it.

What gives me confidence is that this buyout strategy was developed by some very smart cookies (Cullity, Lynch, Tillet, et al.) who have a wealth of experience in the business of buying and selling in the pharma industry. As you point out their buyout approach is more akin to a trade sale process, and this process only pays off when you have competitive tension/bidding war. From the outside looking in, this may seem risky but consider that the leadership team have the same "skin in the game" as other investors and have demonstrated that they put shareholders first.

As they are just as incentivised as other shareholders here, and have an far greater understanding (than many) of how pharma companies acquire other groups, I believe they would have put a great deal of thought into this developing this strategy.

Just my two cents for what its worth (2 cents or more likely nothing), certainly open and interested in hearing if anyone has a different view on this.