Without getting into the allocation of the relative risk and rewards relative to a buyout, because DCVax is not even close to a cure with only a 13% 5-year OS (albeit twice that of SOC), the real value and therapeutic benefits are in combination with other treatments that have at least the promise of broadening the survival statistics.
That’s why a partnership with multiple parties makes so much sense and actually expands the valuation pie. It even makes sense for a spin-off — even though that seems a bit far fetched given how little business acumen the company has shown to date. But placing the D and L assets into two separate public companies does have logic. So there’s that.