Sorry, but that's an idealistic view. Good luck convincing your board that you're going to pay $80 food something rational investors are valuing at $12. They'll either laugh at you, or more appropriately say, "fine, it might be worth $80, but let that company either let them faulter later and need is more (resulting in potentiality a more harmonious deal), or let them de risk this a bit by successfully filing, and getting further down the path.
Sure, maybe it goes to $40 in the meantime, but we still value it at $80, so that's fine.
If you've been in board rooms, there are a lot of reasons you so have issues buying something at $80 that traded at $12 a week ago.
Sure, this is a very special drug and anything can happen, but my point was more the difficulty arising from the recent price action at getting a deal done here vs post filing / approval / maybe FastTrack / approval, etc.
All those milestones, among others, derisk the deal.
So if PFE can only justify $40, and AMRN/BB won't take less than $80, then you just put together a timeline, acheive milestones, which drives up the share price, reducing the premium.
Easy to get sued or have your stock languish for years when you do a deal too early at a monstor premium.
I love AMRN, just trying to weigh M&a angles with a dose of realism.