What makes you think that management would "give away their only product?"
A partnership does not have to mean giving away patents, or anything else. In most partnership deals, there is an agreement to help with the development, marketing, and distribution of the product. No one with half a brain would consider partnering with someone that was just trying to "steal" patented products... And it would appear to me that this management is savvy enough to avoid partnering with someone that would do that.
I think your fears are overblown...
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