biopharm, pphm and bms don't operate in a vacuum. If there is value in the Peregrine IP then it can go to the highest bidder. If it's so great it's not just going to be Bristol-Myers Squibb that's interested in it. All these machinations by one large pharmaceutical company can be hacked to pieces in an instant by anyone of another dozen pharmaceutical companies. Even if there is some unholy Eyes Wide Shut alliance between three of them, to sit on little PPHM, there are still 9 other monsters walking the Earth that could drop several billion dollars without flinching. So, whatever the evil of BMS/Ronin/Dr.No is, it's moot. All that matters is the validity of the IP. Am I wrong?
Also, $45 a share would be a market cap of $2.025B, not $1B