Another point of disappointment was the delay in P3 from...

Another point of disappointment was the delay in P3 from Neuren's previously stated timing. Neuren came to the market quite late to articulate the challenges and costs of full scale product manufacture required for P3 product, as it must be based on market ready production processes - not lab based material.

Again this is another benefit of the Acadia deal - but the timing was 12 months longer than expected. I think the analysis is right that the SP will rise as we get closer to results, but that is a way off, so why buy now? 

If I was Acadia I would be accumulating Neuren shares at these prices - no point putting a buyout offer on the table when you can by shares so cheaply.