I don't know where you read IPIX is worth $10B today, but some of us real longs do believe it'll worth $10B someday. That's why we invest and hold long-term.
I agree that the market values it at $100M today, but tomorrow will be different depending on news. I doubt a BP will say since your MC is $100M, we'll offer you $100M for B-OM (hypothetical).
Let's wait and see what kind of deal Leo gets for B. If it's for the whole platform, then we know why there was no deal for B-ABSSSI alone. Personally I hope Leo can fund B-ABSSSI Phase 3 using upfront money from another deal and receive more royalties in the future.