Ann: Dimerix to Present at BIO International Convention, page-14

The maximum amount of M&A activity in Pharmaceutical industry in either pre clinical (understandably so as number of assets are more) or post P2.

M&A deals is about balancing risk and reward (its isn't gambling) for both buyer and seller, in most cases the potential partner wants to see the P2 data before pulling the trigger.

If the data is attractive enough in P2, and the asset aligns to the strategic focus of the organization, most buyers will make the move. The seller will take the offer if the amount offered reflect de risking the potential of P3 failure.

Regarding your uncertain times, the number of deals even during GFC (2008-2009) continue to follow the same trend (from 2006-2014)....while last 5-6 years really seen an increase in number of deals simply because Pharma companies have realized that internal R&D is way too expensive than buying an asset outright....

We can keep sitting here and convince ourselves to be patient, its not going to change the shortcoming in execution on M&A front...