Pfizer's Tanezumab receives almost unanimous rejection by FDA Adcom, page-22

Pfizer know the potential for OA which is why they went all the way with the drug that just got rejected by FDA.
Now they will be hungry to fill the void in potential long term revenue and they know the cost for the trials for PAR, and they know PAR have that covered (even if down the track there may be another CR, may).
Whatever we might think about the right price, they will be running the ruler over the what PAR is worth to bid and when.

they also know J&J are making some progress with general inflammation treatment.

Can they afford not to make a bid for PAR?

For a $3b chunk of a $30b market in 5 years at 7x revenue for MC say >$20b, what would they pay know (if that were their numbers). It depends on their discount rate, say ~20% which gives a bid of $6b. That is $25 per share. As time goes by that price should be higher because there is less discounting.

At the very least they should be ready to go price at the time of the first readout.

IMO. DYOR.