As Wayne has said many times, and I've heard other...

As Wayne has said many times, and I've heard other clinical-stage CEOs say the same thing, share price matters for buyouts. It's important to remember that companies doing the buying have investors too and the market tends to punish companies that are perceived as overpaying for an acquisition. I think a 300% or so premium to the share price would probably be the upper bound we could expect and premiums are typically lower. In excess of 100% seems to be a pretty rich premium on average . Could there be bidding war to drive the price beyond 300%, maybe, but I think that's a low probability outcome at least at this point although, yeah, we can dream.