dont underestimate importance of phase 2, page-11

The argument can be put the other way. If you are very confident about the results of a phase 3 trial, and you have the money to do a phase 3 trial, why license it before that is complete?

Is it possible that there have been offers already, which have been rejected?

The later the stage at which a drug is licensed, the lower the risk to the licensee and therefore the higher the license fee/royalties that can be negotiated. Each stage of Apricitabine's development is getting better and better results, so why stop now?