They had results from phase 2 and some data from ongoing phase 3 trials but nothing definitive. Gilead made its move because once the phase 3 trials were complete and ready for FDA submission the price would would have gone up substantially. They might have ended up in a bidding war.
Yes, LWLG is not at this point yet as they are not done testing and have not released interim data. But once the results are in and if the data reflects what the big boys are looking for; watch out there may be a bidding war. A few (or several) billion may not be out of the question.
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