the attractivesness of acl

Ignoring any future split, ACL is indeed a business with a very deep and balanced pipeline. With one product on the market (in the US with Europe to follow), one in Phase III, one in Phase II and two through Phase I, this is the type of spread that canny investors are looking for - ACL might very well be a hit on Nasdaq.

Beware, for any large US Biotech (either in this space, or wanting an instant leap frog into this space) considering M&A, at the current SP and market cap, ACL is a no-brainer. Hopefully we don't fall prey to any early offers, but I reckon if PS throws a bit of bait out via Piper Jaffray or one of the other mid cap specialist investment banks, he might be surprised at the interest. Maybe he has done this already, but if not, I reckon a litle time and effort should be spent in the US with the right sort of middle-man to investigate the possibilities.