RVXoldtimer - No argument from me on all points, dilution is a given in most deals. Most analysts value apabetalone on its potential sales in the G8 market only. China, with a massive diabetes problem for which there is already a royalty scheme in place is not even mentioned in the VLR valuation parameters. The VLR for example only valued apabetalone in the USA, EU and Japan. If one country or one particular region of the world was licensed off that was outside of those three areas then the dilution that you refer to should not change Marcel's valuation at all. If management were able to generate $20 to $50 million of cash today without substantially changing an analysts valuation parameters then why not go for it? Yes there will be the dilution you talk about for whatever large pharma that ends up owning apabetalone when manufacturing and sales are in full swing and the earnings adjustments you speak of really matter. 

tada