It's an extremely valuable company. Just will be a game of chicken. The other key piece is if there are multiple interested parties. Then you get a bidding war of course.
Of course the more value you add to the company, the higher the price. However, value is in the eyes of the buyer. Do they wait for an approval or two? Do they want the company for these products? How much of the heavy lifting has already been done?
Then maybe by then the company has filed two or more drugs for approval for a couple more billion dollars. There is a demarc the buyer has to establish or the number will keep running away from them. How old is the CEO is also important.
You never know when or why a buyer throws up a number the CEO and board can't turn down.
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