Dear IV,

You have to ask the question where would we be if Biogen when it was trading at $40 made an all stock offer for Elan:

1. Lets say they had offered shares equivalent to $10 per share of Elan. Those shares would now be worth $30. A far cry from where we sit today.
2. With Biogen's cashflow there would have neen absolutely no reason for any dilution. They could have funded BAP easily. Thus the combined Biogen-Elan would have owned 50% of what may be the most important drug of all time.
3. Kelly "mumbles" Martin gone
4. Shane "the adjustor" Cooke gone
5. The corrupt Irish bookies BOD gone
6. EDT sold off in part to fund BAP
7. Elimination of the this sell Tysabri have to share earnings with Elan, sell BG12 and Biogen keeps all the earnings to themselves, this conflict of interest is killing Elan (before it was Avonex). The combined Biogen-Elan would have owned the MS market
8. Elimination and consolidation of research efforts resulting in a biotech company that has a pipeline that is the envy of most companies.
9. The combined Biogen-Elan would have been nearly tops in its field not only in research, but drug development, marketing, and product production.
10. The combined Biogen-Elan would have been speaking to the FDA with a single voice. Tysabri first line therapy along with BG12. I think Biogen now would like Tysabri second line and BG12 first.

With Biogen tripling the Elan shares would now currently be worth $30 and if BAP came in that might result in another tripling so you would be looking at nearly $100 a share. And here we sit so Kelly "mumbles" and the others can harvest another round of cheap options or shares before the BAP lotto ticket comes in. The combined Biogen-Elan would have combined the best of both companies resulting in a biotech much greater than the sum of the separate parts. Oh and finally we would have a CEO who knows something about financing (wasn't that supposed to be Kelly's strength?), and actually understands what an antibody is. To this day it is obvious that the JandJ deal was done largely because it guaranteed Kelly and the gang a chance to continue their incompetent ways and load the truck up with what used to be shareholder equity.

Do you realize that if BAP comes in Kelly Martin may walk away with equity worth $100-200 million dollars. Based on his efforts do you really think he deserves that absurd amount of money for his performance. BAP was there long before he arrived. His actions were about self preservation not looking out for the shareholders. And some of you wonder why there is an occupy Wall Street protest?? Its like the guy that headed the NYSE for what I believe was 5-6 years, and he walked away with $300 million in compensation. For what?? Running what we now know has (is) been an awfully corrupt market with a guaranteed cut of each transaction. Sounds like the dealer at a casino.

MY OPINION