takeover target yes - will it be sold? no way, page-3

So in order for a takeover - it needs the boards approval right?

A hostile takeover could go ahead without support from the board. Then it would be just up to the shareholders.

A "normal" premium for a biotech takeover might be 40%, but I can't see a $1/share offer getting through.

It's true that there are people selling at current levels, but the volumes have been very low - maybe 7.5 million shares have changed hands since the approval, probably less than 4% of the shares on issue. (And some of that will have been day traders entering and exiting, making the effective changeover lower.)