Fundamentals Are Strong, page-60

Some of the teva acquisition included oversight from the Teva team while the deal from what I recall was a 12 month hand over period.
Intangibles is what you're going to be buying in the pharma game.
As for dilution of equity no one likes it, but if you want to be a player amongst the bigger boys in a relatively ok time frame it will come through either debt or equity.

As for directors receiving shares etc. Thats standard practice for nearly all asx listed companies. I would rather directors rewarded with shares than cash.

A comparison you mentioned was SRX which is laughable considering Wong dumped shares prior to the SP fall.

Regardless, I thinm your ratios arent capturing the full picture. You could definitely add more downside through what if scenarios on the price deflation front.
However, upside could be added for the North Carolina site.