I agree with your last paragraph regarding $50 a share...

I agree with your last paragraph regarding $50 a share valuation.

But what you and some people fail to acknowledge is Reata's drug is approved in US and Europe. But 2591 is still a Phase 2 drug. There is a lot of water to go under the bridge before $22B peak sales can be priced in. As some people pointed out, no one is going to pay the takeover price based on what the peak sales is worth in 6 or 7 years time before the Phase 3 trial has even started. Trial costs, share dilution Neuren deciding to license it out would all have a bearing on what the end value of 2591 will be for Neuren.