A 'merger' is more complicated than a straight cash acquisition....

A 'merger' is more complicated than a straight cash acquisition. It is possible that a transaction could retain Neuren staff (under the Acadia banner), and the consideration would be made from scrip consideration(shares) rather than cash. The complication is Acadia shareholders would need to agree to have their ownership share heavily diluted to get an agreeable outcome for Neuren shareholders.

Personally, would I want this? Nope. They need us more than we need them (for NNZ-2591). What would make me change my mind? If they had far more cash and had a deeper pipeline. Why agree to merge or cooperate if they don't bring much to the table? If they had an incredible pipeline or many billions in free cashflow allocated to R&D I would have a different opinion. Big Pharma does have this, so we'd give up some upside, but we get the ability to get to market faster, get global reach, and if there is a scrip component, we'd get a huge pipeline and partial ownership on cashflow from other approved drugs/treatments.