Luminous ROI

Although Lumena Pharmaceuticals Inc. tested the IPO waters, its investors decided to take the bird in hand offered by Shire plc (LSE:SHP; NASDAQ:SHPG) and by doing so will get at least a 3.5x return based on the upfront payment alone.

Last week, the companies said Shire will acquire Lumena for $260 million in cash up front. Lumena also will receive an undisclosed payment for its net cash and is eligible for undisclosed milestone payments tied to clinical trials of LUM001...