Speculative M&A Transaction Analysis, page-592

There are a couple of ways for RACE to potentially partner that could support (or not hinder) a buyout transaction:

1. RACE could license/partner for specific geographic regions in way that excludes US/Europe. A licensing deal sets an anchor for pricing of the treatment. That builds sentiment, credibility and value of RACE in the eyes of the market. It's a way to bring in cash from milestone payments whilst RACE build clinical maturity for a bigger fish to bite.
2. RACE could partner with a future buyer for future milestone payments and this would then be a stepping stone to a buyout.

I personally prefer #1 as it keeps the competition wide open for a future buyout by a Big Pharma for the US/Europe revenue opportunity which Big Pharma focus on.