Re: Dirk on the $450M
Personally, I knew they would need to raise more money, but I didn't expect it would be so soon. Let's say the burn rate doubles from last year, to 200M - that's still 4+ years of runway, not including any money from additional partnerships or Genzyme. By raising such a huge amount now, you risk giving the impression that this is just a money grab at the top of a huge biotech bubble (there are some dubious companies raising large amounts after JPM). Maybe it is a bubble, and JM is wise to grab the money now - but then, why should investors buy here?
I still have to think JM has plans for this 450M - maybe he buys PCSK9 back from the Medicines Co. and then turns around and strikes a broad cardio-metabolic deal with a large partner. We'll see, but so far, the market doesn't seem to be as enthusiastic about this latest offering compared the last few.