Im not reading too much into the BPAY closing date. They...

Im not reading too much into the BPAY closing date. They obviously timed it to open, expecting the SP to be at its highest. They have probably time limited it to maximise quick conversions in the short term so at least they get some cash. Perhaps they expected the SP to be much higher (rather than collapsing back).

I doubt it is anything to do with meeting a hidden deadline for big pharma. They are just saying we need your cash now, so we know how much we should raise, so here is an easy way to do it. BPAY deadline will likely drive some who may have otherwise converted later to do so now.