this company recives a buyout unsolicited offer at 0.15 per share and requires all outstanding shares. the promedium of this stock is about u$0.029 and the price of the propose is 0.15 is equal to 5.5x of premium, then, if you see the propose of spencer pharmaceutical and the promedium of the share is 0.20 is equal to 5.5x. and both companies are in development stage and don't have revenues for the moment.
just look the scenaries and compare, if you know the pharmaceutical sector ever is a higher multiple than another companies from other sector, just look the buyout of another companies in this sector,too the value of the company isn't in revenues, because this company don't have,so, is based in the patents, and if you see a patent that is very important for your business you don't buyed??, just look companies that adquiries the intellectual propety only for have the patent, pay a millons of dollars.