If I were a big pharma. I think picking up around 20% of a small company (with additional warrants included) then announcing a Joint Venture deal with said company might be a great move. The shares you bought for pennies would sky rocket and you enter a joint venture where you likely control 50% or more. Effectively giving you a win on both sides of the JV and control of the activities of the small company. You gain control and in reality have not spent a dime. Just navel gazing here while we wait on news.