It's not a perfectly competitive market, of course, since developmental drugs are by definition close to the opposite of commodities.
You don't need many prospective buyers - do you? - as long as there is little incentive for and possibility of collusive behavior. Two or three potential buyers should be enough to bid the price to a fair level. Since the selling company has a strong incentive to ensure that all (positive) information about the drug is available to all prospective buyers, and the latter have teams to unearth the negative stuff, the usual information inefficiencies should be taken care of.
If this is wrong, then dev-stage biotechs are an even worse bet than we already knew from their low technical success rates.
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