Koo asked how would the “disparity” between the two companies be worked out should they be recombined. Each company would be assigned a value and then given the percentage that that value represents of the total value.  I think the assignment of relative value would likely be very fair to each company as Eastern would be looking out, on balance, for the interests of Zenith while Hepalink would be solely interested in getting the best possible valuation for RVX. 

RM2, while I would agree if and when both companies were sold (if it was at the same time) that a purchaser could just write two cheques and the value wouldn’t differ much than if they were buying a single combined entity. The reasons I would like to see the recombination are 1) I think in the markets eyes there would be a “sum is greater than the parts” effect by creating what might be the single world leader in epigenetic science. 2)Zenith liquidity 3) I think this would play well for a US listing and see market cap finally begin to be commensurate with estimated  EVs of the combined entities. 4)I think the recombination would derisk the investment for all shareholders as there would be a broader base for potential success and less chance of catastrophic failure. 5)As a Zenith holder I have never really liked the idea of current management potentially collecting RVX royalties on my behalf and then deciding how much of those royalties I will actually receive. Bluntly, I don’t think current management is very good. The only thing that gives me hope is that I’m sure Eastern, out of self interest (don’t mean that in a bad way) will make sure current management would return a reasonable amount to all holders and not do anything too stupid. A recombination would see this issue disappear. 

10bagR where you are incorrect in your CVR assessment is that once a CVR deal closes the shares stop trading as the company has been sold. Shareholders are issued rights in exchange for their shares. A right entitles the holder to direct payment upon achievement of milestones and/ or of royalties as per the deal structure.