zino

Ask yourself what you think sales for the US are going to be and how much will go to Arena and that is what a BP will judge the US along with the americas as being worth. I agree with your 35% if you add in the $1.5 billion in as well because Eisai would have to pay that from sales if someone bought Arena and represents value to shareholders that would have to be satisfied in a buyout..

From what I see the sales number should be sizable. Than you add EU and ROW to your numbers and arrive at another value for owning that area and this is what Arena is worth. The "right now" is meaningless as the projections will be all the same for what a BP is looking to buy.

Btw, that doesn't mean that at some point in time they don't make a run at Eisai as well..

That I suspect will happen at a later point in time if the BP's are projecting Belviq as a super blockbuster drug..

Respectfully that elephant isn't really an elephant its a ???.