I don't think that the partnership deal will make a buyout unlikely. The main cashcow with ultimately more potential than super-blockbuster Keytruda, pending positive results, will be cancer anyway (and NASH) - and leronlimab can be marketed under different names for different indications.

Once we get positive results from a couple of patients, many parties will be interested. But with the royalties from the partnership and a higher SP, we can finance and speed up cancer, NASH etc. trials ourselves, since we already have the best doctors/too-experts involved.

So if financing and the deal fall in order, why sell the company at all for only a fraction of the fair value? I'd only favour a buyout if they somehow manage to screw it up entirely or if the launch should fail, which is IMO unlikely at this point.