Not all acquisitions are just for one large cash payment upfront.
Some acquisitions are structured in a way that mitigates the acquirers risk - ie they'll give the company say $500M upfront in cash, and then upon the achievement of things like positive trial results, they will give further milestone payments to those who held the stock when the acquisition was finalised. This way if the company turns out to be a dud the acquirer only pays the upfront amount.
NASH Phase 2 results imminent --A $20+ BILLION Market, page-35
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