If I recall, the Organon - Cortex deal occurred after Cortex was delisted the last time. There may have been some saltatory effect on the share price, but I'm pretty sure delisting had occurred.
In this process, it markedly favors the pharma/biotech who may be dealing with Cortex. How can the upfront payments be 10 million? The market cap is hitting this figure as we speak(give or take a few hundred thousand). In the current scenario of dilution, stock price decline, delisting imminence, how might it favor a partnering company to 'close the deal?' Seems to me it makes more sense to wait. Wait until the cash clock hits empty, and even better terms can be attained. Or just buy Cortex as a whole for less money that a deal would cost for a single asset like ADHD or the high impacts!
It appears to me that brokering a sale of the assets puts the shoe on the other foot. Can LLY really afford for Cortex to be bought on the cheap by Glaxo or whomever. Auction eliminates the low-ball efforts at obvious issue noted above.
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