VICL - Rejecting The Vical-Brickell Reverse Merger Could Unlock 50% Upside

Vical (VICL) is a failed biopharmaceutical company which discontinued operations in February 2019 to seek strategic alternatives. On June 3rd, Vical announced the proposed merger with Brickell Biotech which values Vical at $40m but the market did not respond favorably to the announcement and Vical is now trading at only a $19m market capitalization or a 110% discount from the valuation implied by the merger. Vical's most recent quarterly filing from May 2nd, 2019 listed equity at $43.922m of which $45.531m is in cash and marketable securities. By taking a look at potential