Sounds logical but not absolute IMO. If the signers of the term sheets in 2018 and now 2019 were both "global pharmaceutical companies" then no one here has enough information to state that the signer of the term sheet just announced would outbid the original signer. Right of first negotiation and even right of first refusal doesn't mean the most recent signer would be willing to pay more than would the signer of the 2018 sheet, since both were only mentioned as "global". Maybe that "lazy IPIX management" has actually been busy negotiating with multiple companies to reach this exact position.
Especially since as you mention which global pharma would let such slip through their hands.

Totally agree that this entire scenario is a win-win for IPIX.