Power Alley: An Approximately 4% Holder Says It Won't Tender In, On The Acceleron / Merck $11.5 B Deal. Likely Won't Matter.

Just a quick update: apparently a few institutional holders of Acceleron feel that Merck is getting the portfolio of candidates too cheaply here, even at $11.5 billion, all in. [About two weeks ago, BMS said it WOULD tender its about 12% of Acceleron's outstanding shares in -- to the Merck offer.]

I guess my view would be that the whole market was pretty fully-valued, even before Merck came calling for Acceleron, so there wasn't any great case for a wildly-higher offer, beyond the current trading price.

But Farallon Capital tonight proves that this is how markets are made: people will have differing opinions, as to the future value of a given asset. Especially so, in the pharmaceutical R&D and clinical trial pipeline stages.

But my own guess (and it is a guess, not having really done a "deep dive") is that Merck will get to a majority position, one way or another. Said another way, I just don't see someone making a $15 billion or $17 billion topping bid. But. . . we shall see. Onward, smiling. . . .

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