Takeover highly unlikely, based on what we know of the...

Takeover highly unlikely, based on what we know of the history!

Every company that has ever taken a close look under the hood has walked! OK, Grunenthal and Tasly are still in there, but Grunenthal significantly walked back its commitments 2 years ago and we haven't heard anything about either for a long while. The latest reports filed by MSB do not report any progress on these partnerships - the Grunenthal agreement was 4 years ago and the Tasly one 5 years ago - someone is dragging the chain!!

Novartis, who conducted the most recent deep dive, decided the data was not compelling (interesting that the FDA, at least in respect of GvHD, has come to the same conclusion).

It is notable that those who have had the closest look at the raw data (eg Novartis, Teva, FDA, etc) have not found the data compelling. To me, that says a takeover or partnership, at any price, is unlikely. Also, what interest there has been (at least, what the company has disclosed) has been from second and third tier players at best - so far as we know there has been no interest from the big players, a potential red flag!