Zuz
Your question is a very sensible one.
I am confident a deal will be done. However there may be some reasons for delays; that is, relative to our own desires.
Some of which have been already stated above. I think there are two others at play too.
1.The right offer hasn't been offered yet. For example; A pharma could have offered a=to buy out IMU and added fair value to B-Cell tech with little or at least not fair value to CF33 or mimotopes. As a long term shareholder, I certainly wouldn't want to see CF33 go for pennies on the dollar, mostly because of how big it could be, but also because of how we acquired it (and got our shares diluted). Result: No Trading Halt yet.
2. "The dance card is full" - Although my foxtrotting days never existed, id imagine it takes a fair few songs (read takes time) to get through what's being offered by each "dance partner". We have seasoned vets in management that's job is to structure these deals. Many many moving parts. Its not as simple as sell HER-Vaxx for X =, PD1-Vaxx for Y and CF33 for Z = X + Y + Z = Buyout figure.
At the end of 2019, AstraZeneca committed circa $7Bil USD for Daiichi's Monoclonal antibody therapy Enherta (HER-2 targeted like Hervaxx, great efficacy, however, serious side effects) (See
here). With an initial upfront payment of $1.35 Bil USD, another $1.7 Bil would come from hitting sales targets and the remainder on a fair few other milestones etc. But as you can agree circa $4 Bil in the balance for milestones, means a lot is needed to be fleshed out. On the assumption they have chosen a dance partner already, it's fairly reasonable to expect negotiations to take 6 months+ at a minimum.
For those other Long term holders, do you remember how intensely LC was doing investor roadshows etc?.... When was the last time she did that? Has she got bored of them? or Can't be arsed? orrrrr She doesn't feel the need to.
If you are concerned about deal makers on board then check out our leadership team....
Leslie Chong: After being senior clinical program lead an Genentech, widely regarded as one of the most successful biotechs in the world (they own Herceptin...the incumbant Monoclonal antibody for Her 2). Her belief in B-Cell as she puts it was "putting her money where her mouth was"...I'm sure her old execs and management know what shes up to....
Paul Hopper: Needs no intro, but knows how to get a deal done, inked a $500m deal for a OV with Merk in 2018.
Axel Hoos: Senior VP at GSK and Head of Oncology, the person that found the initial B-Cell tech we now own. He was also medical lead at Bristo-Myers Squibb and helped develop Yervoy....
Jens Eckstein: Harvard Summa cum laude, and well-established venture capital investor. Knows how to get a deal done.
Charles Walker: A huge factor in us getting the capital we have needed to get this fair. Has executed 55 international tech corporate transactions. Experience in all stages of managing drug pipeline, from discovery, Phase 1,2,3 to launch.
Lesley Russel: Held leadership roles at Amgen, Eli lilly and a few other NASDAQ listed pharma companies.
That's just in leadership, the scientific advisory board boasts arguably the most impressive oncology cohort assembled for any biotech. You wouldn't stake your reputation on a dud.
Leslie mentioned to herself, Mayo clinic does not deal with anyone. They want to be part of history also.
Good things take time. I'm going to steal a quote from someone (I forget who it was on HC, if you see this let me know):
Patience is bitter, but its fruit is sweet.
DYOR IMO
(20min delay)