A big company could make an offer for the whole Agen, but which company? Agen has an agreement with INCY to avoid takeover, and what with Merck? Likely the same. But will Merck permit a BO from PFE?
Don't ignore institutionals. Baker Bros have a big stack in INCY and AGEN MC is only of 300M.
too early for a BO , AGEN hasn't a pipeline ripen yet. Mast should before start its combo cycle of Immuno-oncology. We need a year at least to start with new genetic vaccines and new CPMs. More probable it is than AGEN will sign several partnerships with big companies..