“The top 20 own about 56% of the shares so it wouldn't be a...

“The top 20 own about 56% of the shares so it wouldn't be a street to get 75% and do as they please.”

…which in my opinion is the major reason why TC have been appointed i.e. to manage negotiations between large holders and would be acquirers.

I also think it is likely that interested pharma will already have been handed a copy of the cleaned data package under NDA to run their own analysis. There is no requirement for FTT to run a formal pre-planned statistical analysis before handing the data package over to third parties; and there is, in turn, no obligation for FTT to release results to the market until they have run their own statistical analysis.

If this is true, then the results and a commercial outcome could be released hand in hand.