I doubt of a takeover for the next 2 years or so.
The current market of PLI is $ 115M. I don't think the management would let it go under $ 1.5B, or $ 3.00 a share.
Now, in order to make a takeover, you can't go in an hostile one, so it have to be negociated with PLI board.
What are the chance to convice a board of direction to pay 10 to 12 times the actual value of a company making $ 23M of revenues and 2 cents EPS?.
Starting in 2014, when revenues from commercial agreement will start to be more mature, and when IND's will be filed for the proteins that PLI is working on, it might start given a bigger value to the proteins division.
When the SP will get over 75 cents, I think the sharks will start to turn around, but not before. The fractionnation market is full of big players, and PLI will have problem to keep going in alone. The big boys, sooner or later, won't like to see a small cap grabbing pieces of their market.
Just my opinion.