The answer is yes. There are many examples out there. Take a look at the deal between Seattle Genetics and Abbott.pmrider once said "...point about the early stage is also understood, but you need to consider the recent Alexion-Enobia transaction that is an ERT in phase II/III clinical which was bought for $1.08 billion. They were offered $600 million 3 years ago for the company prior to clinicals but turned it down at that time (which I think was ridiculous since they incurred more dilution and took on much more risk). The Enobia ERT will yield annual sales of $300-500 million. The point is, that early stage buyouts are indeed on the radar of pharmas. Indeed, Transcend could we worth billions, but I am not focused on the billions - only a fraction thereof and that could still be worth $300-500 Million in timeframes that might be alot sooner than one would think">