It would appear that Les Laboratoires Servier could benefit from buying XOMA out as they are already supporting them in a big way. Even at a hefty premium to the current share price, it would probably be good for their product portfolio and could be huge positive for their long-term bottom-line. Xoma has an amazing portfolio of patents but has been weak on execution. It's time for a big move and management knows it. I am almost certain a takeover will happen. The question is at what price and when. I'd say sooner rather than later. I would say at least $10 a share but it could be more. In fact, there may be more than one suitor.
"I would say at least $10 a share but it could be more."
With XOMA currently trading at $2.62 a share, no one - and I mean NO ONE - would make an offer to buy XOMA at $10 a share.
And for the simple (and it should be obvious) reason being that buyout offers don't happen at 4x a company's current market cap.