RE: Analyst opinion1 Feb 2026 12:27
It's an interesting dilemma - going it alone keeps all profits etc in house, but also carries 100 percent of the risk - very 'all or nothing', but given the commitment and due diligence of Vulpes and Redmile, it seems to be under serious consideration. It could be a lever to prompt a better deal from outside, but to generate pressure on a potential partner the 'go it alone' option would need to be a credible option. Going by TD and others' attitude that looks to be true. Given the high profile of Redmile (in particular) and Vulpes, other investment funds might well be keen to provide considerable funding, all being well. Redmile could maintain their near 30 percent stake in any enlarged share issue and thus provide almost a third of new investment if they so chose - but it would (one would hope) be at a premium to the current sp. Vulpes could increase their holding at the same time from 17 to 30 percent without any 'bid' dilemma - all just ideas, but increasingly possible ones.
Going it alone (successfully) would also increase the price for a buy-out massively. Obviously - but nice to contemplate if all goes as well as it has so far.
The next few months and beyond should be fun to watch anyway.