this should be relevant to NEU's valuation, I would think..., page-39

Sean - I partially agree.

The quite definitive timelines currently in place favor the patient accumulator, such as the one who has been adding to his holdings at 11.5c over the past week or so. A larger buyer is certainly going to have pay in the low teens as a minimum.

I'm not sure that large pharma will make the move as you have suggested. (My experience in a previous life is that a company wanting to make a t/o only takes a token position in the company it is targeting).

LW holds all the aces, so a t/o is completely out of the question without his co-operation. Therefore a large pharma who wants a substantial position is going to have to do it through the licensing deal machinations.

I believe that is the main reason why RT has gone to Leerink Partners - any licensing / partnering deal is likely going to be quite complex.