I tend to agree in biotech land they are a minow, and as I noted the other day they don't seem to have $5-$10bn to take TO Neu.
However in a merger as Agent has suggested its 1:1, they have relatively low SOI, certainly compared to other BP. So only fire power needed to fund the future of 2591 in phase 3's. By merging with Neu they would save additional 10-20% due no royalties to be paid and then milestones also, probably a 30-40% increase in daybue revenue to balance sheet.
They weren't blown out of the water for ROW.
Makes them a far better target in the TO event Agent has suggested, better for Acadia and Neu.
Market Capitalisation is a Better Valuation Metric Than Share Price, page-92
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