I bet merging with Pharming will not help the share price. Indeed, it will probably crush both. As noted by Dew, Pharming has negative cash balance (i.e worse than GTCB). Plus Pharming's pipeline is not as robust.
And its convertible debt will create pressure on the share price as well.
A buyout would be nice, a partnership would be nice. But merge with a somewhat inferior company will suck.