restructuring plan, page-24

Don't forget whoever buys Biota incurs a $150M liability in taking Lani through Phase III trials and NDA submission plus time factor in getting Lani to market.

My estimate also assumes worst case partnership scenario with DS. If the partnership split is not resolved before M&A an acquirer will assume the worst case scenario i.e. 50:50 with DS.

$300M is a fair price if Biota shareholders want a relatively quick exit.