interesting article from mergermarket, page-8

R&D grant and tax rebate are very different. At current stage PRR cannot enjoy the 45% tax rebate simply because it has not generated positive EBIT yet, no tax paid = no rebate. But once the product goes commercialized, it will reduce the company’s tax significantly.
This will not benefit shareholders in the tax perspective, but you can calculate it as a discount of SP in the long run if you buy it today.
Note the accounting treatment for R (research) and D (development) are very different.
And yes, this increases the possibility of PRR become a takeover target by those biotech giants in earlier stage in order to save their income tax and improve cash flow.