Probably not, doubtful the market would value RAP's MC at $100M...

Probably not, doubtful the market would value RAP's MC at $100M especially after the CR. But we can have best of both were the market still value RAP's MC at $100M after the unsuccessful T/O and no CR needed with the Pfizer funding still going ahead. The pps would more than likely go higher than 11.5c with an excellent quarterly and Pfizer now having to buy on the market to be substantial share holders or withdraw their funding and offer fund for shares to be substantial share holders.