Your post does make sense. If an acquisition is made of TZYM I was thinking around the 2.00 mark.
Its going to happen, they dont hire all of these consulting firms/legal firms for no reason. Co has cash on hand, agreement with BMY, no debt, and havent dumped shares into the market.
though BMS is only willing to pay "up to" 80M per development programm (excluding the possible 30M sales milestones and the double digit royalties), i completely agree with you that it doesn't make sense to pay that much for each target when you may have the whole company for less money. i would be very happy if they would pay around 50-60M in cash for TZYM which would put us up around $1.80 to $2.10 share price target.