RE:Talking about legacy drugsThis is the problem for buyout. From research i have done, legacy drugs generally sell at around 5 times ebitda when big pharma is selling them off to put the money into r & d. Concordia is now targeting around 6.4 times debt to ebitda. A quick calculation would tell you that their debt is 30% more than what is generally paid for a legacy drug, hence this is a good reason why the bonds have tanked. Higher multiples are generally paid for a blockbuster drug with a moat from competition or patent protection. I believe very few if any of the companies drugs fall in this category.