Read this one example of when gilead bought out a small 80 person biotech. Looks like this small bought out company went to the big pharmas with data first and made the public and shareholders wait and negotiated much better SP for shareholders.

“Pharmasset considered it inadequate, and Pharmasset's CEO revealed to Gilead that it would deliver important information about its positive development at the American Association for the Study of Liver Diseases. If the positive product development information would be released to the market, Pharmasset's share price would surge higher, making the acquisition more expensive for Gilead. At last, the final price tag was as high as $137 per share, making the total acquisition price of $11 billion. Fast-forward four years later, this acquisition seems to be quite successful. Pharmasset's acquisition has brought Gilead the foundation for Sovaldi and Harvoni. Both Sovaldi and Harvoni have significantly increased the business performance of Gilead”