I was not suggesting that a buyout goes for cheap. The buyout price will be based on the value of the drug, not the stock price. If the BOD don't understand this then it would have been sold for a very low price long ago.

the difficulty is how do you slice up the indications and put value on each - seems easy mostly but one buyer will want to know what the other buyer of another indication is getting. very complicated unless a buyer steps in for the whole thing.

In my research, buyouts happen after partnerships that involve studies to make sure the drug does what they claim. this is different because we already have the studies and trials in a few big indications. The ability of these trials and studies to lead to an FDA approval is not as important as their ability to prove the drug works to a buyer/partner.