itsabouttime, if one of those has set their mind on it and they devise a strategy then allowing those targets to flourish and proliferate (e.g. by buying a company as PPHM that would be LEVERAGED big time by BMY/AZ if they where acquired themselves) then you can rest assure they will do everything they CAN to stop it from happening.
If you know a property is worth x5 if they could acquire the land or private road between two of their own properties then everyone that would be interested in buying you will keep you from getting the road (keep possible elements of leverage out of reach).
You heard the Novartis CEO. The acquisition targets that remain now (this late in the game as the reporter called it on CNBC) are expensive and hard to get. Furthermore they BOTH have a portfolio with mab's and you heared the CEO say: You want ALL combination substances IN HOUSE so that you do not have to share. ---> =more is better. So BMY and AZ are certainly 2 that qualify because they do not want to be acquired and they are certainly no small garage-garde biotechs that have no sales and were founded last week.
PPHM might fit there with BAVITUXIMAB because of the broad potential of the targets markets and because of the uniqueness of being the only UPSTREAM agent ready for those cocktails. If one needs ALL combo components IN HOUSE, and assuming Novartis is not alone standing on that stand-point, then PPHM is a STRATEGIC ASSET. And for a STRATEGIC ASSET there is no "calculated price". You either have or don't have the asset and hence reach or don't reach your goal. The price therefore becomes what ones GOAL is worth.
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