You should be thinking 4 years ahead as a biotech investor....

You should be thinking 4 years ahead as a biotech investor. Nobody, and certainly not me, is suggesting they will be acquired within the next couple of years, but the reality is that if clinical development is successful that is ultimately what is likely to happen - there is no point ignoring it. Acquisition is obviously a major value crystallisation event, so you should be thinking about it in terms of valuation methodologies (eg terminal value in DCF methodologies, etc) and potential multiples from where the market cap is now.