I would think the analysts would be computing the price of MNKD on a stand alone basis...not merged into a big pharma. While the $140M example number I threw out may seem big to you and I...it's 2.8% of a much bigger number. No one is going to be hopping up and down about a 2.8% return...so in the M&A context it is irrelvant...really. It's gravy. Small gravy. Also unless someone buys MNKD's assets (which is never going to happen as that will give 2 levels of tax), the struture is irrelevant in an acquisition...either way it will enter the acquirer's consolidated group and be usable for USFIT purposes.
With the price targets most analysts are throwing out, they are not expecting this to be the super-mega-blockbuster that we believe it to be. In the end it is going to matter how Afrezza sells...and whether they can license technospere to others to get another revenue stream. I believe both can be massive revenue streams and discounting that back to today's price I think we are similarly massively undervalued. But that's just me. And I am assuming MNKD doesn't pay USFIT for quite some time. :)
