may be cheaper to buy the company.

Last quarter GlaxoSmith Kline paid a royalty of $32.3 m on Relenza. So even if sales held last quarter figures GSK could be handling over $120m plus to a company with a MC of about $240m with $55m cash. The situation is far worse if sales of Relenza double in the next 12 months. Effectively they would be paying $240m plus in Royalties to a company valued at only $240m plus all that cash.
Daiichi Sankyo would also appreciate the value of BTA given (LANI) CS8958 is now at phase 3 trials & offers huge potential.
Page 2 of ASX announcement refered to GSK announcement for additional suply of Relenza to Japan, let me quote: "However, due to reports that most of the prevailing A/H1N1 influenza virus, which accounts for about half of the current epidemic, are resistant to another anti-influenza virus drug this year, attention and demand for Relenza has increased dramatically".
This is not BTA speaking about Relenza but GSK, so they would be well aware market share for Relenza is growing at the expense of a competitor.
I have mentioned 2 pharmaceutical companies who would clearly understand the value of BTA at present & the could easily be a cashed up US company out there interested in driving near turn revenue as well.
Traders probably have a very negative short term view on BTA, but it could just fall low enough for a bigger player to want the whole company given its revenue potential.
Regards
Buffett