There are no deals and the sooner people realize that fact the better. A stock doesn't trade at these levels, if deals are on the table or in discussions.
Secondly the pricing on combo therapies could be price constrained and so even with approval Bavi might not be a viable option.
Thirdly, any BP can sit back until the first and second look in before pouncing on PPHM. We will be trading in the $1 range and will need money, so leverage will be diminishing.
Lastly, the only thing holding up these markets are worldwide QE and yes there is a law of diminishing return when adding more debt doesn't achieve the desired goal of sustaining growth. We have added $57 trillion since the 2008 crisis and without growth no one can service the debt.
If PPHM could get $1B for this platform they should run as fast as possible. They blew it with the constant dilution. I get they got a raw deal after PhaseII sabotage and they should be commended for bailing out the results in order to move into PhaseIII. The problem is that everything afterwards has involved bad decisions. We all thought a partnership would be forthcoming and even before Phase III started we would get that partner, but they failed for whatever reason. Now they are over their heads and the odds of bringing this home are low. Capital is key and I'm not hopeful they can get the needed funds to make it through the process. I'm figuring at least another $250M to get us thru the trial, then thru the FDA approval and then into adoption, acceptance and distribution.
We really should have partnered even if it meant giving up half the company.
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