announcement, page-16

In the short term, a deal or takeover is more likely now, imho.

I assume that there has been some partnership discussions going on, but Mr Treagus would have wanted a really really good deal.

That deal didn't happen, so neu have decided to fund the phase 2's on its own.

The issue now for any interested party is that if they wait for any positive phase 2 results they will have to pay billions, and will have much competition.
If they are seriously interested, then they need to sign a deal, or make a takeover attempt soon, before any proof of efficacy news comes from the Retts trial.

Of course another scenario is that the company is so excited by results to date and what they are seeing in the Retts trial, that they have decided to just do this ourselves.

11.5c is a great floor for the future and the funding risk has gone.

Cheers