Very hard to work out what is going on here. My initial thoughts...

Very hard to work out what is going on here. My initial thoughts were that another company must be sniffing around and that has triggered Acadia to excercise its first right of negotiations. But why is another company poping up now... in my mind there was no initial strong competition to Arcadia and that is why such a low upfront deal was accepted. Our share price got hammered as a result because we the market expected a big name pharma and big upfront which did not come. Is another company coming to steal the rest of world rights whilst we are all licking our wounds and have much lower expectations given our current price.... or is Acadia trying to inflict a killer blow to us whist we are groggy and on the ropes. Main thing to remember here is that just because negotiations are taking place, doesn't mean a sale will occur. Problem here is that the market knows negotiations are happening and if an outcome does not occur our share price will get smashed even further. This will absolutely prove there is no other interest in our company.
Nothing has changed due dillegence wise, and Acadia should know what they are capable of finance wise, so the full exclusive period should not be needed, but will probably be used.
Flip side is if we are seeing unrealistic offers (maybe even take over offers) then they should just be dismissed by management. Maybe, just maybe something real has been dropped on the table for consideration..., let's hope so...because if this is not real, then we are going to cop it and there will not be any Vasoline being used IMO.