Given a choice between an acquisition and taking a chance on an IPO, investors in Santaris Pharma A/S took the path of certainty offered by partner Roche (SIX:ROG; OTCQX:RHHBY). They will net a greater than 2x return based on the upfront payment alone.

Last week, the companies said Roche will acquire Santaris for $250 million in cash up front and up to $200 million in undisclosed milestones. The deal is slated to close this month.