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Good points. However, I respectfully disagree. Assay development has become of increasing strategic importance to VRTX and will continue to do so. So much so that it no longer makes sense to license the technology. Good assays are more important than fast assays and ABSC has the goods.

Regarding VRTX's cash. You are right that the ABSC will not affect VRTX's cash burn rate. I follow VRTX closely and do not recall management saying that they have more targets now than they can fund the development of. To the contrary VRTX is looking to expland the pipeline significantly every year. Most important is that they will do so at a much lower cost than traditional drug development. Yes there is risk that VRTX will not bring drugs to market and will run out of cash in the future. This is the general risk of investing in all drug development companies. Is VRTX's risk greater than its peers? No easy answer. You can use clinical index or another metric as a first approximation but ultimately it comes down to a subjective assessment re: their technology and business model.


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