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Biotech / Medical Munch-a-Biotech Today

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To: Miljenko Zuanic who wrote (3113)	1/29/2018 11:58:25 AM
From: nigel bates	of 3158

Maybe just that the large shareholders wanted to sell ? And it's a better fit than Novo. (& don't forget 15% of the stock was sold at $17.50 last October...)

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To: nigel bates who wrote (3114)	1/29/2018 1:29:03 PM
From: Miljenko Zuanic	of 3158

Yes, but do you think that scientist and mid-level management will prosper under Sanofi umbrella? Yes, BofD have responsibility toward SH (especially large one and control ones), but they also have toward entire employe structure (at least in my book). In addition, they should be PATRIOTS, a little ! Hope GLPG will not sell itself! Sanofi did start construction of the large bio-manufacturing structure in Belgium, so that help, down the line.

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To: Miljenko Zuanic who wrote (3115)	1/29/2018 4:43:40 PM
From: nigel bates	of 3158

I would guess quite a number will leave. By all accounts, Ablynx seems to have been a great place to work; whether it stays that for long as part of big pharma seems a bit unlikely. Just guessing, though.

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From: mopgcw	1/31/2018 12:17:01 PM
	of 3158

SGEN munching CASC...

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From: Miljenko Zuanic	1/31/2018 5:53:16 PM
	of 3158

RE: VRTX "Stock Repurchase Program" <The company today announced that its Board of Directors has authorized a share repurchase program of up to $500 million of common stock through December 31, 2019. The repurchase program is expected to be executed over two years with the primary objective of reducing the impact of dilution from employee equity programs. Purchases may be made through the open market or privately negotiated transactions and may be made pursuant to Rule 10b5-1 plans or other means as determined by Vertex's management and in accordance with the requirements of the Securities and Exchange Commission.> Am I reading this corrects, they are AWARDING insiders (management, BofD) with $500M bonus, in options and/or free shares ???

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To: Miljenko Zuanic who wrote (3118)	1/31/2018 6:14:25 PM
From: DewDiligence_on_SI	of 3158

This is not a $500M grant to insiders. (Not sure if your question was facetious.) $500M is the size of the planned buyback to offset dilution from ordinary exercising of stock options.

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To: DewDiligence_on_SI who wrote (3119)	1/31/2018 7:47:31 PM
From: Miljenko Zuanic	of 3158

<..privately negotiated transactions and may be made pursuant to Rule 10b5-1 plans...> You may see it as facetious (in one way it was), but the company is signaling that they will/may be buying shares from insiders, after they convert options to shares according to 10b5-1 plan. But if they want to award SH, distribute $500M to them (or spent on R&D, or distribute to "Ms. Maria ", who is brooming a floor at company, for living) , and cut down on options award as measure for controlling/offset dilution. Will they disclose or hide purchase price, from insiders?

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To: Miljenko Zuanic who wrote (3120)	1/31/2018 7:56:25 PM
From: DewDiligence_on_SI	of 3158

The 10b5-1 plan VRTX is talking about in the PR is for the company's own buybacks on the open market; this 10b5-1 is not directly related to any insider trading.

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To: DewDiligence_on_SI who wrote (3121)	1/31/2018 11:28:51 PM
From: Miljenko Zuanic	of 3158

It is for the open market, as well for negotiated private transactions, that is related to 10b5-1. For years VRTX sucked money out of SH, increasing shares count (also by dilution from options/awards). Cumulative they still did not capture capital investment,... they are still negative,....they still have $5B in accumulated deficit, so current EXCESS cash is (in majority) from STOCK offering AND OTHER DILUTIVE FINANCING, not EARNING FROM BUSINESS. Everyone need bit of luck in this business, when they have nothing left they turned toward CF...and they have game changing candidates. Great, for years management and boards have financial benefits, now SH can benefit from appreciated SP. But, if the want to award anyone, cash should be distributed to SH as one time dividend or something similar. And, if BofD want to thanks SH for long standing support by controlling and reducing dilution, ...well they can ask management to rip 1.2M shares from their options awards. PS: This is not related only to VRTX, to many bios, old and new.

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To: DewDiligence_on_SI who wrote (3121)	1/31/2018 11:51:27 PM
From: Miljenko Zuanic	of 3158

<The 10b5-1 plan VRTX is talking about in the PR is for the company's own buybacks on the open market;. I guess, I did not read this correctly in first place. Are you saying that company as entity can have their own ? northerntrust.com I am confused here. Why company, as entity, can not do buy back on "as seen fit" schedule, even when they have material information? For instance, price is underappreciated, and they have positive data on candidate (that can paint business picture more pink)?

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