Assuming I understand what you're actually asking...It's simply...

Assuming I understand what you're actually asking...

It's simply because it's not actually there for the taking? If I was BP my DD might well come to the conclusion that IHL is a bargain today, but I would have also uncovered the fact that there's a BP associated Non-Exec that has clearly identified the very same potential and is personally incentivised to help protect / maximise IHL's value within the next couple years, a management team whom have since raised sufficient capital (from an insto investor who also knows there's value) to further de-risk the portfolio of assets with various trials that are actively progressing, so sure at face value IHL is a bargain, but it's also clear that it's not in reality available at that price because any low ball offer will be quickly rejected by board and management, so upon realisation that they have to pay up, it makes sense to simply wait until the assets are in fact further de-risked such that they can be more certain they're actually paying fair value.

Perhaps it's also about market perception, what would the market think if BP starts bargain hunting a bunch of companies that are on paper in their phase 1/ phase 2a stages, market will immediately conclude that the M&A team have found no future drug there to replace their upcoming patent expiring assets and they've now decided to opt for a shotgun approach. I think when you run a company of that size, there is an inherent bias towards playing it safe rather than taking any risk and not being rewarded for it, or worst getting it wrong and being known for it, legacy is an important thing.

As for APIRx, in hindsight an even better deal given it was fully paid for in scrip, 218m shares in today's terms, I mean just do the math!!!