Interesting - thank you both for sharing your thoughts.
I wouldn't be surprised if they've received an initial offer from BMY - if you look on the negotiation history of MEDX, the first foray was probably a lowball offer. The wrinkle here is that the overall market situation was reversed.
This is all guess work - but if there is no new partnership by EOY, strategic direction might be focused on a negotiated takeover. Either way - compelling reasons to accumulate.
I only caught the tail end of the call but scanned through the slides. There was some encouraging data on XL184 as we have recently seen plus a description of some their efforts/trials with XL184 now enrolling to explore other potential indications. There was also a significant amount of time dedicated to XL147 and XL765 combination trials.
Additionally there was mention of some of their pre-clinical compounds that should garner (or already have) partnership interest IMO. I expect the practice of partnering these early with 0 or close to 0% development cost share in exchange for development milestones to continue for the next few years until they have real revenue to subsidize their R&D.