Cutting to the chase, before they have to do a financing on poor terms due to dwindling cash. That leaves open the possibility of a financing if Phase IIa results and expectations of a deal were to give the price a substantial boost (given that we've criticized Stoll for not striking while the pricing iron was hot in the past).
Autumn for RD--since there are no carveouts, it's pretty straightforward. Longer for Schering Plough, since that has more complexity to it.
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