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With Servier commited to a minimum of $470M and possibly up to $770M in licensing/milestone payments,  it would seem like they could have offered $750M ($25/share) and attempted to buy XOMA.  In doing so,  they would not have the risk of losing the U.S./Japan rights to diabetes/cardiovascular and could progress all of the potential of XOMA's library for their own gain. 

With several financial analysts fair marketing the company at $470M at this time,  seems like another $370M could have been the answer to sway XOMA and investors. 

Any comments? 

(yes I am long in XOMA)