While I noted that Warburg may operate in a way that doesn't necessarily benefit stockholders, I do believe approval will come. The delay signaled to me that the rumors of label negotiation were most likely true. If they had to undergo REMS as requested by the FDA, TLON may have pulled out - cost prohibitive.
What I don't know is what the approval will mean to share price. Clearly big pharma may gobble up this asset (Marqibo), but not acquire Talon in whole. That is what I suspect. It will take more than Marqibo for a merger to happen in my opinion.