No, I do not expect that a BP would PR a non-binding term sheet. letters of intent, non-binding term sheets, whatever you call them, are not material definitive agreements for which a publicly traded company is required to file a form 8K.

That's not to say that you can't PR something that you are obligated to disclose under the SEC rules, but, typically, I would not expect a non-binding term sheet to be disclosed.

Actually, it's pretty common in my experience for non-binding term sheets to contain confidentiality provisions.

that being the case, I wouldn't be shocked if tomorrow we hear about the architecture of the potential deal but not the identity of the potential deal partner.

of course, as usual, I would love to be wrong about all of this and wake up tomorrow to find out that GILD issued a PR about a non-binding term sheet with CYDY with a total potential value of 2.32 billion, for example.

Good luck to us all. It will be interesting if nothing else.