An interesting possibility. I had not heard that one.GAA...

An interesting possibility. I had not heard that one.
GAA Australia needed its European shareholder to begin with. Europe had the technology and the resources for submitting bioequivalence studies to the TGA, which can cost I believe over $400,000 per file. It certainly helped with their initial tranche of drug registrations.
The acquisition of Douglas Pharmaceuticals (Australia) changed the landscape. Douglas was running a parallel path in Australia, registering the same drugs and has the same resources in New Zealand for submitting bioequivalence studies to the TGA.
As for the pros and cons? That is a complex one.
One would have thought GAA now has enough critical mass to stand alone, outside the umbrella of big brother in Europe (at the AGM on 29 November GAA reported it is finally making a profit). That can only make its position stronger for negotiating better terms with Europe.
If the European company could be convinced to sell its shares that would create more liquidity for GAA shares.
As for a downside – it might be hard to find one.