I did a little research into small biotech buyouts

I did a little research into small biotech buyouts, in an attempt to distract myself from the FDA statement. I found this interesting article from 2019 that compiles what stage small biotech get bought out at and what indications are the hottest:
https://www.evaluate.com/vantage/articles/dat...erapy-area

"Intense rivalry over oncology projects means that very few small companies with promising assets make it into phase III before being taken out, hence the low deal volume here; this is probably true to a certain extent in most therapy areas."

I am thinking that if Cytodyn is just not able to get FDA approval for anything, maybe the p2 trials are really where the value is. looks like BP buys companies at this stage because they know they can get the p3 approvals through the FDA and the p2 trials largely prove that a drug works or not. I am excited for the long hauler, cancer and Nash trials for this reason. I have no idea why a buy out has not happened yet but there should be a BP that wants an advantage over the other BP companies.