The company is [correctly IMnsHO] completely focused on getting Azixa to market. They are only for [friendly] sale at a price which assumes success at that; nobody sane would pay such a price. A hostile offer could be resisted up to $20/shr or so, which is again ridiculous to offer. The deeper pipeline may be for sale on equally ridiculous terms; they need about $150MM more to take a second simultaneous run at a drug approval. Less than that would be money they can't use effectively.
Sorry, I beg to differ. Remember that this management has very little stake in the company. They have been running it like their own little non-profit, with the exception of top manager salaries typical of for-profits. If there is a hostile takeover offer not much over cash on hand, say $7.00/shr, how can they possibly stop the shareholders from forcing their sorry butts out? I have a feeling this is going to happen.