Well I think it may be a Partnership, Which could be preferable...

Well I think it may be a Partnership,
Which could be preferable as it may well give ongoing royalties for life....

That's due to the wording used in various Announcements etc.

So really if BIT were to get just a small percentage of the
$200+Billion dollar a year markets that BIT 225 has had Trials for,
It could be worth a fortune.
An Peer comparison example would be CSL

CSL has an MC of $118.9 Billion
with $2.2 Billion Profit (NPAT)

Meaning BIT with just 2.5% or so of the $200+ Billion a year markets it could take over,
Assuming a 50% profit ratio,
Could make that much or more in profits.

Meaning it could meet or surpass CSL's $118.9 Billion MC

So what is someone going to pay for something that could potentially make them,
Or potentially take their market share of,
$200+ Billion a Year and growing markets?

That could well be something Shareholders have to consider,
As it is possible they may have to vote on that decision....

Personally I am even happy to wait till after Phase III for the Big $$$$
And would prefer an agreement that includes a cash component + royalty payments.
As it wouldn't take much for the royalty payments to surpass what one may get,
With a one off payment / Takeover offer....