Chickpea - See "Waitforit"'s post a ways down where he referenced a post I made on another board after asking DOC that exact question. The explanation I got was that - per Dan's interactions with Merck - Merck's business development team generally only pulls the trigger on deals (ie buyouts, taking equity stakes, etc) if they see other competitors actively interested and they're forced to act, if they want to continue to work with the company. ONCS is small potato's in the grand scheme of things, but this pending deal with CGP seems to align with Dan's prior comments, and maybe his thinking.
I'm not investing in ONCS assuming Merck is going to make a competing offer, but it certainly wouldn't surprise me.