I doubt there would ever be an outright purchase by big pharma but if it did happen I'm not sure that would be easy. If 50% of the stock is in hands that have so far shown zero interest in selling then trying to acquire a 19.9% stake from the remaining share base would just drive the price drastically higher as it would be akin to trying to buy 40%. I don't believe anyone would have a tilt at the whole company without gaining agreement from the major shareholder.
Far more likely is a product deal eg exclusive MYC or something like that - the money channels into PYC and most gets paid through to shareholders as a capital return, dividend or buyback - whatever makes the most sense. It will be a nice problem if it ever eventuates but good luck to anyone who wants to accumulate even 5% on market - we will all be very happy if someone tried to get their hands on 100m shares. Barton's timing on that was impeccable last year as he soaked up everything in the twilight zone post a discounted capital raising.
PYC Price at posting:
4.6¢ Sentiment: Buy Disclosure: Held
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