The important thing to remember is that mono is an open label trial. That means that data can be viewed in real time, and gives credence to the idea that BP could be considering mono valuation. By year end 2017, we'll have no less than five months data on no less than 100 patients in this mono trial. They'll have a VERY good view of if the drug is safe and effective or not, and they'll have it long before the P3 mono trial is completed. Any potential suitor could see data for negotiations with proper NDA in place, which is standard M&A practice.
I'd be over the moon for $20, and my expectations are lower. But I'm absolutely of the opinion that any suitors will be forced to value mono VERY soon in any offers, assuming real time data is good.
I also strongly believe that they'll sell the whole bit instead of licensing piecemeal, so I don't think that discussion is all that relevant to be honest. But that's just my opinion. Licensing may turn out to be more salient if data comes back effective, but leaving something to be desired.
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