Even so, it may well extend Kenilworth's overall lead in immuno-oncology, should Viralytics' Cavatak® candidate prove out, in clinical trials -- as a "viral vector" approach to helping solve the timeless, and often tragic riddle. . . of cancer, in humans. Cavatak is now under study primarily as a intra-tumoral, intravenous and intra-vesicular agent for melanoma, lung and bladder cancers.
Because the target is a public company in Australia, applicable law requires that the deal be conditioned on no higher bid (or bidder) emerging -- as a matter of fiduciary duty, on the Viralytics board's part. At a 160 per cent premium to recent Australian trading prices, per share, I think Merck chances of losing the deal to some interloper are. . . remote.
I suppose the primary, and logical, third party bid possibility might come from BMS (as a future potential add on to Optivo®, just as this is a future potential add on -- for the Keytruda® franchise, for Merck), but I put that as beyond Bristol's risk appetite, for its relative size, at this point.
We will keep you apprised, but here is a bit from the pre-dawn (US time) Reuters item:
. . . .Merck will pay 1.75 Australian dollars per share for the Sydney-based biotech company, which uses viruses to infect and kill cancer cells.
The deal represents a premium of 160 per cent to the average stock price over the past month. It is conditional on no better offer emerging from a counter-bidder. . . .
And so it is. . . that at dawn, all things are luminous -- and yet clear(er). Smile. Onward -- and a river runs through it. My eldest son is off to London rather soon -- on biz -- so proud of him. Grin-worthy, and so like his pops, indeed.
नमस्ते
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