This was a dividend paying publicly listed company and at the time of the Flubendiamide launch it was far from a micro cap, with a market cap of ~30 billion JPY (360 Million AUD).
The company quickly re rated to ~80 Billion JPY (~1 Billion AUD) and the dividends increased along with it.
Revenue/profits from licensing of the technology paved the way for future strategic acquisitions and further R&D into other Diamide products.
In the late 90s/early 2000s nearly 3/4 of all insecticide manufacturing was done by just 6 companies. NN had become a significant individual in the industry amongst the whales that existed for eternity (Bayer,BASF, DuPont, Syngenta).
Now consider that there has been rapid resistance developing against Diamide technology and paired with the collateral damage to bee populations/aquatic animals the need for a new mode of action has become pressing.
A new MOA with a safe toxicity profile is the holy grail in this space.
If BGT has the next MOA that ticks the boxes for toxicity safety and efficacy against resistant applications, they're going to fetch a heck of a lot more than $80 mil - $100 mil.
If you have some time to waste read over some of the BASF acquisitions over the past several years, and pay attention to how much money they are tossing around.
https://www.basf.com/global/en/inve...tegy/portfolio-optimization/acquisitions.html
