Here's an example of a company getting bought out after a Phase 2 study.

Quote:

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Novartis has exercised its option to buy sickle cell disease player Selexys Pharmaceuticals for up to $665 million . The consummation of the deal follows the publication of Phase II data linking Selexys’ anti-P-selectin antibody to a significant drop in the rate of sickle cell-related pain crises.

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http://www.fiercebiotech.com/biotech/novartis...Tjg9In0%3D

I don't know how large the market for sickle cell is. But, the point is, deals certainly DO get made after Phase 2.