To be clear, I don't think Novartis would necessarily be considering a TO offer, it just becomes a more attractive option now that the share price is low if there is promise in rem-L for all cause ARDS. They were smart to include the futility clause in their contract, that's a good example of covering all bases on trials and trial results.
I doubt they will publish the full data, but if they do I'll definitely be sniffing around in it for some answers and clues.
USD573M in retained losses and a less than great 2020!. 2021 a year that cannot get worse, page-53
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