To now argue that MNTA is equally valuable to a buyer does not follow. Some of that value has now flowed to Baxter.
I would submit that you’re having a brain cramp.
Pursuant to the partnership with MNTA, BAX derives economic benefits and BAX is paying MNTA in the form of up-front cash, milestones, and royalties for those derived benefits. If the price being paid by BAX is fair, MNTA is not any more or less valuable as a corporate entity today than it was yesterday.
“The efficient-market hypothesis may be the foremost piece of B.S. ever promulgated in any area of human knowledge!”