Interesting price action of the last few sessions. It seems someone suddenly has interest in this relatively unknown issue. My hunch is the QIDP put partnering discussions into overdrive (due to 10 year exclusivity)and that those discussions may have morphed into buyout talks given the company's small size.
Legal action is moving forward in EU. Dual suits filed---one on IP and the other alleging unfair business practices. The downside for Tauropharm (the alleged interloper) is significant on both the legal and commercial fronts. If CRMD partners or is bought out, TP will be forced to deal with an opponent with global reach.
Elliot filing concerning "maximizing shareholder value" also adds to my conviction that something is afoot.
Very hard to guesstimate takeout value here. A significant NOL exists that would have value if the deal is structured correctly. The other issue is how would a potential acquirer value EU franchise given the legal situation. Perhaps cash buyout for U.S. market and a CVR on ROW assets?
Disclosure: The author is long CRMD AND ZIOP AND XON.