"Sell Etrasimod and Arena Company for 120-150 a share and then move everything else into the new company"
I could support that only if after a highly successful Olorinab Phase IIb trial. Otherwise, the new company would be left with nothing more than APD418 in Phase I, some preclinical stuff, some royalty income, and then six or more years of development work to get the next drug to the market. Selling Etrasimod for $6 billion just doesn't excite me very much if we are talking about a drug possibly marketable for multiple indications.