They did for years in O&G industryCompany A would buy out Company B that had huge losses on their books so as to minimize or eliminate taxes on future earnings.
Ended up with shares in BIOV after the Mining Co. became pharma, bought and sold it several times, (last time around 60 cts) unfortunately they have limited cash now. I wouldn't touch it until they raise a huge chunk again, seems as though the share structure is too sloppy to manage now, may require a rollback.
GL