I expect several of them have already come looking, the more...

I expect several of them have already come looking, the more relevant question is when might they act?

I believe at a minimum it won't be until endpoints and trial design for the PMS P3 trial are agreed with the FDA - after that it's game on. Hottod also did a useful analysis of the timing of recent pharma M&A deals here. There is also the complicating factor of the Acadia licensing terms to take into account.

Another factor which is equally important is the macro environment for M&A. High inflation and rising interest rates and generally hostile market conditions have caused a bit of a M&A winter since 2022. With the interest rate cycle turning and BP sitting on record piles of cash with the well known patent cliffs approaching, there is cause for optimism for an uptick in M&A activity next year. In the short term, the incoming US administration and what it might mean for the industry has generated significant uncertainty. I think once this resolves itself and presuming interest rates continue to ease we might see conditions conducive to M&A activity.

So, if we put these things together, things might start getting interesting for NEU mid-next year...