They would have done a much bigger raise (hence a lot more dilutions) if they had no confidence in a re-rate of the share price and revenues from Travelan. The company will be in a position to do its NASH P3 even without a partner. In other words, the company will not be pushed into taking low ball offers and giving up most of this NASH asset away.
IMC is too small to do it alone hence a takeover bid will happen but the question is when and how much?
Some analysts have given IMC a fair value of $2+ hence the $500M price tag. There are still a lot of unknowns but I am more than happy to take a punt at 40c.
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