With BNC now valued at roughly half of 1 years Animal Health revenue alone , it would seem ripe for some form of extraordinarily cheap takeout. Maybe even a PE firesale with a quick sell job on weary, beaten down, representation-less shareholders.
Similar companies, not named Bioniche, would enjoy a multiple of 3-4 times revenue, plus a healthy premium for pipeline.
Since this company is named Bioniche, and travels with all the associated smelly baggage, we shareholders would be lucky to get 1 times revenue, less a substantial deduction/penalty for the plant and pipeline.
As a wiser man than I once said "you haven't lost anything if you haven't sold". Its that same dynamic logic that keeps the US housing market chugging along at a record pace.