The article/blog as a whole seems very well researched.
The one thing I think he has wrong, though, is his prediction of a possible Linjeta NDA application in early 2012. My understanding is they need to run 2 more phase 3 trials first before Linjeta can be approved.
still, the value of the technology and research to another major drug co. with patents expiring certainly makes sense. So BIOD could definitely be a takeover candidate. Especially when a potential acquirer could be accumulating shares of BIOD at well under cash per share!