Maybe they have? The company will get beans if they were to sell now or earlier. The more data they get, the higher price they can fetch. If you owned the company and Gilead approached saying they would give you $300mil for the drug and you have a product that could make $1bil next year alone, would you sell? Not saying this has happened, just saying the situation is probably a little more complicated than someone coming in and just buying them out. You need both a buyer and seller. Gilead won't be bidding $2 billion on a company when their market cap is less than 100mil.