I think if Takeda was going to take over Affymax there would be no need for yesterday's agreement. Otherwise it does not make sense to first have such a broad agreement and then have a buy-out. The buy-out alone would have done it all.
My feeling is that Affymax, by signing yesterday's agreement, is decided to hold on to whatever is left of the company (which is everything they always had minus O and 75% of personal) in the hope of either getting involved with a new drug (They may even have one in mind already) or simply selling the rest of the company to a third party. It is not true that what is left is not worth anything; there continues to be much value in terms of good will and expertise and equipment/facility. Also in a buy out they may have to include the $180 million milestone and hundreds millions in potential royalties from Takeda and hence value any buy-out at hundreds of milliond if not a billion dollar.
Affymax may also be thinking of creating a much bigger company out of Affymax with multiple drugs in the future with all the potential monies coming from Takeda.
Th news of the past 24 hours was all extremely good for Affymax and the share price performance has not taken that into account at all or we would right now, in my opinion be sitting at $3-5. I think the mistrust of this CEO is the worst enemy of share prices right now but this will be overcome.