Ann: Elanco Option Update, page-52

From the Small Caps article:

"However even if Elanco did want to exercise, the parties may have not reached agreement on upfront payment and royalty level. Elanco is also busy bedding down its Bayer animal health brand acquisition."

Sounds like the journalist got some off the record info from the Doc. Not that this means another company will come along and do anything with MPL, but maybe the hard no is based more on other focuses and an unwillingness to drop cash by Elanco. Obviously if the results of the trial had been better they'd have found a way, but probably worth tempering some of the assumptions around what has actually taken place between Elanco and Pharmaust.