It would be more like $11+ billion because there are tons of warrants and options that would be deep in the money and exercised before the buyout.

But the average clinical-stage buyout premium to the 30 day average share price has stayed steady over the years at around 100% with rare cases around 200% and very, very, very rare cases higher.

https://www.evaluate.com/vantage/articles/ins...hole-story