Anthony Scilipoti

And if that's the case, then their IRR, cost of capital, et cetera, the hurdle rate is very low.

So they look really great.

All these transactions that may not have made any sense in other time periods when risk-free rates were not, you know, in the 1% or 2% range.

All of a sudden, they make sense.

If I had to go back in time, we should have said buy Valiant at the beginning because we had studied BioVale.

So Valiant bought BioVale.

BioVale was a Canadian company that was run by Eugene Malnick.

And we wrote a cell report on that company in the early 2000s.

And the company ended up being a figment of its former self.

But it had something.

It had some formulations of drugs which were long dated in their release.

So they would buy a drug and then repurpose the formulation so there would be slow release, etc.

And they also had phenomenal tax structure where they were set up in Barbados.

And Barbados is like heaven.

So the more money you make as income, you pay a lower percentage tax.

Imagine that.

So what Valiant did was they bought that structure when they bought BioVale.

And so that allowed them to extract all the cost of tax.

So many interesting things they did.

They set up their head office in Quebec province in Canada, French speaking.