Koo

The following article discusses Big Pharma M&A strategies

https://pharmaintelligence.informa.com/~/media/informa-shop-window/pharma/2020/files/whitepapers/ma-whitepaper.pdf

Revenues are not the only factors in pricing M&A. I refer you to p11, Figure 4, underlying drivers for biopharma M&A. Resverlogix has several positives listed - Emerging Drug Discovery, Access to New Revenue, Reduce Exposure to Loss of Exclusivity, Complementary Product Mixes.  My hope is that Big Pharma is looking beyond the value of Apabetalone and embracing the opportunity of the epigenetic platforms and compounds under development by Resverlogix and Zenith. The BTD is an indication that the FDA sees promise in the therapies and discoveries being pursued by RVX and based on past acquisitions RVX's BTD's could be worth $8bill. Some of the BTDs acquired were for orphan drugs with below blockbuster revenue. There are  many factors in determining value as you well know and as is pointed out in the article above. 

Regarding Zenith RPS's, somehow that debt needs to be satisfied. The RPS shares are not treated the same as outstanding RVX shares. Currently the npv on RVX's books is 49 mill. It will be interesting to see how those shares are valued and ajudicated if RVX is taken out and Zenith is left standing.

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