I'm with you on this one. There are more than a few big pharmas who have become a little stagnant with uninteresting pipelines. Abbv just put in to buyout allergan. Gileads HIV moat is getting smaller. Companies awash with cash searching for the next big thing....what to do.

A term sheet signing does much more than show interest.
It adds validity to a biotech OTC stock people normally shy away from(for good reason).
Allows other BP to see what another BP values this drug at.
Brings notariaty to a stock few people have heard of.

If this results in a bidding war. So be it. I have my popcorn ready for the show.