the fact (US companies)Merck, Pfizer, and J&J are not leading vaccination has to be a concern. Federal money on the line and I bet soon one will make a large move in vaccines and aquire Vical. Based on project phase II and III revenues on drugs price has to be above $10
If Phase 3 FGF angiogenesis therapy using Vical's non-viral DNA delivery works next year, then a buyout from Sanofi is possible. Buyout due to vaccine business is not likely. It's more urgent for big pharmas to try new methods of vaccine production such as the one currently ongoing by US NAVY using Vical's non-viral DNA delivery and adjuvant technology.