You are wrong about the tax losses being sold and used. Keep posting it however.
FWIW, I figure that that tax losses can be no more than a 20% add-on to the deal value (and of course capped by the actual loss). And this is at best, can easily be nothing.
This might be very primitive, but when I try to pry better answers out of experts (and I have a very legit one in the family) they simply say it can not be generalized.
Corporal, are you saying that, if PPHM gets acquired by a Pharma, the acquiring Pharma will not be able to use the PPHM tax losses to offset their earnings?