I would agree with Long that partnership for 011 is most likely scenario that would build value in traditional biotech fashion, but as has happened with other biotechs once that primary partnership deal is in place it makes any buyout more unlikely than it already is - at least for many years. The partner then has upper hand by controlling 011 the best product in the pipe and would grind down on Celldex until they could swoop in and steal them in weak moment cheap (ala Human Genome and others). Unless they need the money and can't raise it in other ways, I would support not signing a deal with the devil and going it alone over a partnership scenario. Other pharma companies are far less likely to want Celldex at a premium sans their best product and would be reluctant to get into a bidding war with one hand tried behind their back against another company that already has one hand in the cookie jar. . . .