Bob, in my experience, deals for drugs and drug companies are almost always competitive.
Exception: when the prospective buyer is the only plausible buyer because it is a majority (or large minority) shareholder of the seller, e.g. NVS-IDIX. In these cases, there is generally a pre-established contractual mechanism to assure a reasonable price. Regards, Dew
“The efficient-market hypothesis may be
the foremost piece of B.S. ever promulgated
in any area of human knowledge!”