I'm not so sure; I don't see any convincing grounds for the...

I'm not so sure; I don't see any convincing grounds for the price not to represent an oiler post duster (as opposed to, say, a QBE post profit warning). Sure, QRX will have another crack at it all, but no impression was given that there were just a few little things needed to get Moxduo over the line. There's got to be a minimum of a year's work from here, including a capital raising (which will need a pretty convincing story to get underway; everyone was sure the approval was a shoe-in last time). And does anyone know what Actavis' rights in all of this are? Will they stay around, hopeful of a functional distribution parternership one day?

Furthermore, the clinical trial data seemed to show substantial efficacy over the constituent, so if the FDA grants it a fail on those grounds, you can cry foul, but it doesn't leave many paths open to changing the result.

Sorry DS, not trying to rub salt in wounds, but I'm not so sure that there are any short-term positives in this. I'm predicting a drift south over the next two months until August, at least.