You got me bro. I am relatively new to all of this.
But I have known people who work for public corporations and those corps are all hush hush during quiet periods of mergers and acquisitions. But the regular employees can tell that the merger or acquisition is going to go through even though no one told them directly. They can just tell for various reasons.
I dont know if biotechs are different. but yeah its got to be hard. Someone always has someone to tell.