In a surprise move, Sirtris Pharamacueticals agreed to a sell out its future for $22.50 per share in an all cash deal worth $720,000,000. This offer certainly substantiates the sirtuin technology platform that Sirtris has been developing over the past several years. However, this is a bittersweet deal for the Sirtris faithful. As posited many times on this blog, the potential of this stock is immeasurable.
The Sirtuin Investor is taking a position on this deal: DON'T SELL @ $22.50!! While this may be a futile attempt as 21.84% of the shares are held by insiders with institutional investors owning another 30.40%, I believe Sirtris shareholders would be better off riding this thing for a few years. Chris Westphal had been guiding for some time now that a joint venture deal with big pharma was possible within a year or so. Readers of this blog KNOW that a future SI hope for SIRT, aside from its potential of becoming a successful drug company, was the potential for irrational exuberance to take hold at some point. Those dreams end with a cash buyout!
When those proxies come in the mail....VOTE NO! And let your views be known by voting in the SI new poll regarding the buyout. Comments about the deal are encouraged.
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