If they paid out a dividend that would factor in.
I am not sure they can or could play it any other way than to say they intend to operate independently but always open to listen to pitches.. but of course I too am open to hear other convincing opinions - many I'm sure have been posited already.
Simply paying out a dividend from funds received from a sale of Etrasimod would be a very costly proposition for all concerned which is why I have stated how to pay funds to shareholders from such an event..
First if they sold Etrasimod and got numbers like the Receptos sale to Celgene got which I believe was a $6.5 billion transaction the proceeds would be subject to corporate tax treatment first and then what is left could be potentially passed on as a dividend fully taxed by us shareholders at a higher then capital gain rates and on all of it to boot...
This is why I have made statements to the effect that selling Etrasimod for big numbers should be done as a special treatment of spinning off everything else to shareholders in a new entity so that this massive payment (should it happen) could be received and qualify for LTCG treatment with at least some of our tax basis allowed to be used against it..
As it stands right now I don't see us getting full value for all the other things we have such as the deal with UTHR, the $1.2 billion in cash on hand, Olorinab and yes even the things we don talk about right now but might in a few more years. I believe that the best way to get full value is to sell as I state but to keep everything else and allow it to grow through more advancement before putting it out for bids in the same fashion as I have just described for Etrasimod as there might be after more advancement more multi billion dollar drugs in the group..
Bottom line is I would gladly accept $6-7 billion for Etrasimod some time soon and to own this company for all the other additional potential it has along with that horde of cash to pay for the development of the other drugs but not if its done as a company sale with the tax consequences for both the company and for the shareholders as that gives the government far more then is necessary in the process..