RE:RE:RE:Updated OutlookThey have indeed put a lot of capital to use.
$370M = GBT
$180M = Exelon
$210M = buybacks
That's roughly $760M as you mentioned.
In 2022, in-licensing payments (upfront and milestones) totaled $26M.
So let's say we're at $800M spent on the platform, products and buybacks.
Have we seen a desirable return on these investments so far? I would love to hear your opinions on this. I would argue that it's not yet apparent... but then again, we're just getting started with in-licensing.
On top of these investments, we currently have "invested":
$40M = strategic loans
$126M = funds
$140M = cash
-$72M = bank loans
For a net total of $234M.
Additionally...
$40M = CRA (bonus option)
With a current market cap of $506M. Should the money already invested into GBT/products generate any sort of decent return and, furthermore, should we generate any sort of decent return on the capital that's yet to be invested into acquisitions, products and buybacks... the current market cap will look ridiculous in due time.
I do agree that one acquisition can essentially take care of the "excess cash" problem. I would prefer to see more in-licensing deals though (and the maangement would prefer this as well, I'm sure) that don't require that much upfront capital but have the ability to generate meaningful business.