Those protesting the merger have had 2 1/2 months since the announcement to put forth an alternative financing or plan to the Board of Directors. There is no indication anything of the sort has even been attempted. If you look at thier posts there is virtually no indication they've ever been interested in this company. More to the point, it appears that they bought a share price without much interest in the underlying business. That's simple gambling. In my opinion, the stock price is down for temporary reasons and this will be addressed with the event chain that has been outlined repeatedly.
CZO's Advisory Board and Board of Directors voted unanimously in favor of the merger. Think about that. No one opposed the merger. Ronnie Miller saya they are "thrilled". That's an exciting word from someone who knows excellence from his ~20 years inside the world's largest biotech as President and CEO of Roche Canada. He has Dr. William Li by his side who is an accomplished scientist. Lastly, Gilles is in the catbird seat at AEZS and has an incomperable position to understand the emerging terms of a diagnostic deal and the advance to human cllinical trials of AEZS's pipeline. No one here comes close to matching the collective experience and positioning of these people concernng this deal, period.
Ronnie Miller says they are "thrilled" and that this merger is the best path forward after careful consideration. Let that sink in.
“We are thrilled with this exciting transaction to merge with Aeterna and combine two complementary companies and teams, in support of our plan to drive significant growth,” said Ronnie Miller, Chairman of Ceapro. “After careful consideration, we believe this transaction is the best way forward for Ceapro and our valued shareholders.” Defining and executing another path forward at this point this close to key expected events could be costly as evidenced by the financial costs of this proposed deal and the time it took. Defining and executing an alternative path could cause material delays. It could be an additional drain on management resources as CZO's path is expected to accelerate with coming events. This company has a lot on the go as it outlined in the recent news release. A financing could also include warrants with none of the benefits of this merger.
Gilles timed the acquisition just before an epic surge in biotech stocks. He picked up AEZS's pipeline below cash. H.C. Wainwright's target price of US$15 for AEZS could indicate its value after the diagnostic data, a diagnostic deal and a move into clinical trials for AEZS's pipeline assets as well as a defined regulatory path. Gilles is in a very enviable position to understand all of this as an insider of AEZS. It's like inside information. He's excited with Ronnie Miller and Dr. Li by his side as well as his advisors. Not one member of the Advisory Board of Board of Directors opposed this plan. "Through the planned merger with Aeterna Zentaris, we aim to become a combined company with high potential for value creation in the biopharmaceutical industry. We look forward to an exciting future ahead for the Company and generating value in the short and long term for all stakeholders,” stated Gilles Gagnon, M.Sc., MBA, President and CEO." news release