Re: more on DNA/Roche deal
after acquiring 60% in 1990 (which valued DNA at $3.5B), Roche completed its 100% acquisition in June 1999 at $82.50 per share... which valued DNA at $11.2B
a month later, Roche sold 16% of DNA back to the public in an IPO at $97.00 per share ... and 2 months later, they did another follow-on offering for 18% of DNA at $143.50 per share... which valued DNA at $19.5B... and that left Roche with a 66% ownership for a very nominal net investment
and then in 2009, Roche bought back all of the DNA publicly traded shares... which valued DNA at over $100B
that's the power of a BP in your corner and some creative financial engineering to yield a win/win.
so if you were a DNA "true long" in 1999 when it was sold for 82.50, you coulda bought it back for 97/share a month later... and it woulda been worth $750/share when Roche took it off the market in 2009.
my pathway for SGMO is much more modest... only a 20% interest from BP upfront with a much larger share in any future appreciation