Medicines Co. (NASDAQ: MDCO) December call option implied volatility is at 61, January is at 65; compared to its 52-week range of 42 to 190 into Novartis (NVS) will acquire the company for $85 per share in an all-cash transaction, implying a fully diluted equity value of $9.7B. Call put ratio 5.9 calls to 1 put with a focus on January calls.