Come on dude. This is not buying a used car. (Caveat for all...

Come on dude. This is not buying a used car.

(Caveat for all others - we are not talking an actual implied takeover here, just the subject around Sumitomo if they were return)

You know how long this stuff takes. They'd have to go through all the due dilligence again, get auditors involved, etc. They can't time all that on the low - we can't even with small liquid purchases, let alone them with the inertia of a full blown takeover. They can start buying on market in small amounts when under $20 million mkt cap (and indeed might of), but even they even bought $1 million stock back then, they'd tip the market with the 5% voting power/ownership disclosure rules on the ASX.

https://www.biospace.com/article/biospace-mergers-and-acquisitions-tracker/

Pick a few recent biotech takeovers. They've mostly been many months, even years in the making. But they are dfeinitely picking up:

https://www.bloomberg.com/news/articles/2024-03-14/biotech-rally-gets-100-billion-m-a-lift-with-more-deals-to-come?embedded-checkout=true

And no wonder. Bargains in the bio-tech space with big Pharma sat on over $1 trillion in cash and easy pickings like Cynata abound:

"Pharmaceutical companies have taken advantage of favorable valuations in the biotech sector to pursue opportunistic purchases. And they have the resources at hand, drawing on deep cash reserves amassed during COVID-19, estimated at US$1.4 trillion as of December 2023."

https://mergers.whitecase.com/highlights/oncology-dealmaking-fuels-biotech-ma