I agree Risky with your suggestions and I think what is smart about Rob is that he is getting more players to the table, so that competition forces them to act fast. BTI presents a rare case where Pharma are in a rush to do a deal with them, something uncommon for a small cap.
My guess is that H1 will be the time when we see a deal take place. However, the million dollar question is what type of a deal will be done: license deal on one conjugate, multi conjugates or maybe a full buyout. No matter what, the first deal, if not a buy-out, will dictate the terms of a buy-out.
Exciting times ahead for BTI and its shareholders.