Great to finally see an unpaid for, independent analyst report.  Especially one by someone with David Kideckel’s qualifications. Interesting section on complement-mediated disease and that David Kideckel is a former Alexion employee.  The only part I would quibble with are a couple of the non-science profiles of “stellar management”.  Very generous there IMO but everyone has an opinion.

What I find most interesting is that the way this report is written it would seem to indicate the valuation of C$8.55 is based on a post $87MM pp basis.  I wonder if this is true?