I have considered whether this would be a takeover target and my...

I have considered whether this would be a takeover target and my thoughts:
1) what does the company provide ATM?. Only Axiron and that is now threatened. If the appeal goes against the company assuming an appeal will be lodged then will put ACR on a more precarious footing. Why would anyone want to take it over?;
2) lets face it - pipeline very scant (notwithstanding the years that something commercial should have been achieved). What are they going to buy into;
3) there would need to be substantial changes to wages and bonus arrangements IMO. Both are way too high given what the company has/is achieving;
4) a poster recently said that the Eli agreement can be cancelled only by Eli (I don't know the accuracy of that). If that is the case then depending on the appeal they may just walk away from this and maybe "connect" with a generic brand with cheaper royalties for them;
5) by looking at generic pipeline projects it appears to me that there is no "ideas" person in the R&D - so lets just make generic products. The area they appear to be targeting has quite a bit of product there now so what will make ACR product any better - IMO it will be a more expensive product as the costs within the company are quite high - and if they do formulate a product then can you imagine the back slapping and bonuses that will be paid;
6) have I confidence that ACR can market any pipeline product - no I don't. so they may need to look at aligning themselves with another firm - and IMO it will be unlikely that they will be able to enter into an agreement of the likes of Eli any time soon.

Issue here is that IMO there appears limited input by all and there may be some holding back given the grassy wicket that they are currently playing on - so why provide an opportunity to be spun out. Always hoping for the best for SH's but they appear to be low on a list of priorities ATM. All IMO and could be wrong so happy to consider any feedback.