I've never understood biotech boards' enthusiasm for buyouts? For a drug product that is wildly undervalued, buyouts are infrequently the max return - although they are the quickest.
The ability to sell product vs. develop is not a biotech's core competence. Thus, biotech boards wanting a buyout (other than for the quick return) makes sense as they don't have to live through the execution risk and are willing to take less return as a result.
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