I tend to agree with your last paragraph. As already said, it doesn't make sense that a non-HIV player would permanently low-ball, since that is a once-in-a-lifetime opportunity for them to enter that market and crush competition. However, as plavac stated, it seems reasonable that someone might to wait for BLA submission and pivotol protocol. Yet, if they can't do a deal (of any form) til year-end or January at the latest, to me that's a red flag.