It was a metaphorical question for investors to ponder the ridiculous cheap value of a potential partnership with CYP. The subtlety perhaps lost on you....
Come on? There is no evidence showing "Big Pharma's would normally negotiate with a company that has passed approval over one that is still waiting for approval." Particularly one that is 55 times smaller in mkt valuation (with its various scale/quality arguments) as an indication of the cheapness of a partnership to the suitor. Like most things its a balance of benefits/costs/risk and big Pharma practice both pre and post-approval collaborations. Accordingly both FDA-approved MSB and pre-approval CYP will of course have likely potential partnership suitors of course.
You might recall Sumitomo Dainippon went one step beyond partnership altogether in CYP and made a $200 million takeover when it was pretty much a pre-approval phase I stage bio-tech, let alone the phase II/III company it is now. MSB itself was courted by Novartis in partnership for treatment of acute respiratory distress syndrome (ARDS) pre-approval and that only fell over late stage. You are rather ignoring the history of both your stocks, that both saw pre-approval collaboration/M&A activity.
If you follow the bio-tech partnership news, you will actually find, at least in incident, if not overall valuation, early-stage pre-approval partnerships are actually more abundant - but that itself a misnomer I will gladly admit (simply more pre-approval than post-approval bio-tech stocks available so the figures distorted). Many biotech partnerships, are in the early stages of research and development; by nature pre-approval and often even early-exploratory. Its an important area of growth in the effective outsourcing of R&D in the last two decades by big Pharma amidst the monetization of big Pharma, aided by things like the "Pre Approval Information Exchange" being signed into law in the U.S in 2022 (allowing manufacturers to raise awareness and share information about new products and new indications prior to FDA approval) helping speed up a growing trend of earlier stage collaboration.
Oh, and for those crapping themselves about Trump, pharmaceuticals are presently spared from the tariffs:
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