I believe LFB Biotechnologies would oppose any buyout of GTC by a larger company, and I think that alone would be enough to prevent it from happening.
(LEO isn't as clear cut, but they also are better off with a weak but surviving GTC. Genzyme never sold their stock, so I am not sure how a buyout of GTC by a competitor would sit with them. Genzyme could attempt the buyout, but would LFB go along with that? The main player here is LFB Biotechnologies)
LFB Biotechnologies could attempt a buyout, but then they would have to fund 100% of all develpement even outside of their contract interests, and what would be the advantage over their current contract?
Right now LFB can outspend GTC on developement of the indications that they have contracted with GTC. The more LFB spends, the bigger percentage of future profits they get.
If a larger company took over GTC then LFB would be at a disadvantage to the larger company.
Does anyone see any reason why LFB would be in favor of having a larger company owning GTC, and can they prevent any takeovers?