takeover, page-60

"There are of course rare exceptions, but for the majority of takeovers of this nature it does not happen in Phase 1 and not very often in Phase 2 either. On this basis I don't believe PAB are a takeover taget anytime soon which is what we were discussing."

quite right Makattack - there's a general principle about all big companies and takeovers which posters generally misunderstand, at least they have for the years I've been on these boards.

The principle is: Big companies DO NOT SPECULATE. What big companies are interested in are risk free profitable investments which will carry them through many future years. For instance, you'll never see BHP bidding for some 2c junior mining company which has just made some potentially big discovery, they simply sit back wait for the entire project to be de-risked then they move in. They might have to pay $20 now instead of the 2c they could have bought at in the early days - but that's completely irrelevant to the BHP's of this world. If the numbers stack up on the de-risked project then they have no problem paying top money because they know over time the steady profits will win out. It's the same with experimental bio's. Why should a major biotech company offer a big bag of money to some company in its embryonic stages? The answer is it won't. There might be rare exceptions if the big bio already has links with the junior but that doesn't happen too often. You can IMO rule out any prospect of takeovers at this stage for PAB.

if the next batch of patients show good results be satisfied with where that takes you.