“e stock price at a given moment of time, particularly in the case of a pre-revenue biotech, means nothing”
It for sure does if there is any chance of JV , partial BO etc . The BO historically for a $10B plus buyout has never been more than 10% to 100% premium of the SP/MC . Usually more in range of 10-50% premium and very rarely close to approx 100% (i.e. double )