The announcement today in no way disappointed, so have to assume...

The announcement today in no way disappointed, so have to assume it is just 1 or 2 larger players doing most of the selling, as has been suggested by others already. This stock always has even blocks of 10,000 on the buy and sell side which get shifted around in tandem. Probably the same people who have been buying a few thousand shares to prop the share price up recently are the same ones who sold much of the 700,000 today, just to make 10-15% profits like desire said. Makes sense to buy a few thousand over the course of a few weeks to allow you to sell hundreds of thousands at a similar price when an announcement is made.

Dec11 was the date for EU approval data, and not the expected date for the commercial deal. TIS has disappointed before with not hitting dates, but I would be surprised if there is no commercial deal announced prior to the AGM at the end of the month.