The truth is not simple- The unique thing that New Haven brought you was a captive and grateful (varying) workforce. Many of the talented people who did not go to Boston and took the severance did so for a simple reason that will really hurt Alexion. They did not want to go to Boston to start a "New Alexion" whose stock value was played out. The reality of anyone looking for a career is the long term prospects for growth and financial gain. Alexion has no pipeline outside of 1210, and as a result with it trading at such an insane multiple does not have the run of a true biotech start up. Boston/ Cambridge has many of these companies (Complement ED just went to one). So if you are talented and in Boston you will go to a place with upside not ALXN which may have a 20% upside best case but more likely a 10% downside. Also if you are stable in Boston at say a Biogen then why would you leave? The result will be ALXN having to over pay and over title a group of less attractive candidates. The good news is Ludwig and Brian are all in on neuro as it is the only thing they can point too to say "look what we did" so they will over expand this indication and try to mass market orphan disease. This will lead to more RAM opportunities with high bases, I do not see how that is sustainable. In conclusion Boston is more about the new leaders of Alexion trying to put their stamp on the company and less about anything else. The truth is the first complement inhibitor to hit the market will relegate Ecu or 1210 to second line.
