Not looking for a buy out until their pipeline approaches fruition. #1 Dr. Kim would resist, #2 the PPS would be at a sufficient price $8-10, to command a fair price, #3 whoever buys would be less likely to stiffle the progress. I would think by year end, big money will be very interested, and than, let the bidding begin.
"Biotech Companies Attractive Targets for Pharmaceutical Companies Looking to Replace Lost Revenues.
Five Star Equities Provides Stock Research on Inovio Pharmaceuticals and Ventrus Biosciences.
At the end of the third quarter five of the biggest drug makers in the U.S. held over $70 billion in cash, near cash and short-term investments. Major revenue losses from patent expirations have forced big pharmaceutical companies to look to biotech companies to help fill the void. Pfizer's Lipitor and Bristol-Myers' Plavix, which lost exclusivity in late 2011, had combined annuals revenues of $17 billion at their peaks.
"We're through many cost-cutting programs, restructurings and portfolio arrangements," said Henry Gosebruch, Managing Director, Mergers & Acquisitions J.P. Morgan. "When you put that together with record levels of cash available and improving, but still moderate R&D productivity, we think there will be more big pharma M&A activity in 2013."
-The same article refers to INO and also has a report about the company (I can't post the link):
"Inovio's platform is applicable to cancers and infectious diseases. To date, the company has developed vaccine product candidates for cervical dysplasia/cancer, prostate cancer, hepatitis C virus, HIV, influenza, malaria and tropical diseases. Earlier this month Inovio reported that it plans to initiate a clinical trial for its Hepatitis C vaccine, INO-8000, later this year."
-So this is Five Star Equities opinion about INO as an acquisition target, but they don't elaborate it enough.