that a partnership could be followed shortly thereafter by a full buyout.
A condition of, say, a B OM partnership, might be first right of refusal on the company as a whole. Once the partner's internal groups (science and M&A) has had ample time to review and assess P 2B results independently, the value proposition might pencil out to take the company out as a whole at this stage of development. LE could negotiate a company sale from the 'partnered price' of the stock, achieving a greater premium for the whole.
Even if there are multiple parties interested, it does not mean that the best offer will be higher than 2 ou 3 times the current market cap which is still quite low given the current depressed SP.
Can someone give me several examples of companies with a market cap of about 100 millions that got bought for more than 2 or 3 times (let's say 10 times) their market cap ?