I agree, partnership. Selling out around a phase 2b won't provide the most value to shareholders. With a drug that seems to work so well and already is on the fast track there won't be the long wait to finish a Phase III.
I don't know what their options exposure is but the share ownership of management isn't that impressive. I don't think they will want to sell out until they've increased their holdings. They aren't doing this to not get rich. However, if an offer comes in the company will have to let the shareholders vote on it.
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