A transactional event has been exactly what we have been talking about on HC for ever, but I feel little joy in seeing the massive spike on my screen, nor do my spirits lift when reading announcement details.
When the Amgen-Biovex deal came out in 2011, the VLA board considered it the benchmark for the virolytic oncotherapy industry and more recently has been quoted as the basis from which any VLA transaction would be priced. As it turns out, it may be more like the high water mark. Almost 7 years to the day later, this offer is only worth one third as much.
If the ill educated press are calling this cheap, you can be pretty sure its not a great deal. A large number of VLA investors have worn years of being tapped up for the next few bucks to fund operations and keep the doors open. A lot of risk has been accepted over a very long time for what I consider to be a fairly measly return.
Don't get me wrong, I'm immensely proud to see an Australian tech (potentially) make it onto the product catalogue of the biggest Oncology player going round, and I'll make plenty on the basis of this offer, but I can't help but feel disillusioned.
Really? After all that we've been through. Is that it?
