Turtle I disagree. If BMY wait until P3 is PR'd, They'd pay a major premium, perhaps 10-100 times what they would pay now. The prudent thing for them to do is do dd and determine the likelihood of FDA approval. Then based on that dd, try to get whatever deal they can now while the cost of failure is built into the stock. My opinion (all speculation at this point) is that BMY already knows DD, hence the trial. I would think they are willing to make a deal, LP isn't. She's going all the way!