Geron would not sell for any less than 30. Even if Janssen does not buyout, the royalty payments would allow any buyer to recuperate the funds in a few years. A fraction of the time for them to develop Imetelstat. It's free cash for the owner of the contract if Imetelstat is successful.
Continuation decision signals buyers to extend their offers and jnj to payout. Janssen will not let Geron get to the continuation decision date.