A $200 buyout would value the Company at around $5 billion - what makes you think Insmed's institutional shareholders would accept such an offer?
I ask this in the hope of receiving a reasonable response from you which includes a valuation calculation to support your argument - but your posting history is not suggestive that you'll offer anything of value to other users of this forum.
You might like to check out Amylin - recently acquired at a cost of around $7 billion to the acquirer. Although Amylin did have an annual revenue stream of around $0.5 billion that revenue is down by a third in recent years as a result of the market entry of competitive products, one of which has already captured over half of the market which was formerly Amylin's alone.
And there are a considerable number of potentially competitive products in development, many of which are more convenient than the Amylin versions.
The moral of the story is that either this deal was an outrageous fix, or it's indicative of a desperate need by big pharma to replace pipeline eroded by generic competition following patent expiry. I suspect it was a bit of both, but you might like to bear it in mind should you suggest a buyout price for Insmed which the tute shareholders would be happy with.
Although Insmed doesn't currently have a revenue stream, any buyout valuation would be based upon revenue projections over the next twenty years or so - discounted to allow for the uncertainty of regulatory approval, potential competition etc.