Iconoclast our math is pretty much aligned, I agree that the goal posts are $16 to $32. Further I think that if you go back to the projected NPV chart that management provided a few years ago you will see that $8B is slightly higher than the best number on the chart. For this reason I think that if Don could have got $8B with a clean endpoint then the data must be pretty darn good and the statistical miss must be fairly small. I definitely could be wrong however. 

Paladin and Cabel although I see where you are coming from regarding Don perhaps tipping his hand, if you go back you will see that I said Don said $4B would be good for RVX. He didn't say great for RVX and when I think back I think his actual words were "pretty good".  He reserved "great" for Zenith.  In any event from what I understand an actual sale price would be arrived at based on negotiation between investment bankers working for each side of the deal which would then be approved by the management/boards of each party. 

Cityslicker, I went back and checked. Don did say the requested embargo extension was until "the end of March" and that the request was around the kidney data. As a general statement that would seem to align with you saying that there are important kidney related conferences in April. 

Koo I see where you are coming from but I think the thrust of the presentation was around BoM and data. In the past I have asked about EV and management in the past did provide the projected NPV chart. I think however biotechs often stay clear of bringing up the subject of EV because 1) especially in early stages EV discussions come with the caveat of "if it works" and 2) because of 1 market cap is generally volatile and not close to EV which some may argue reflects badly on management. To me 2 is often especially true for Canadian biotechs.