I am not having luck posting...so I will try to repeat yet again. For some reason I replied to JBot just now and it now shows that JBot's nice post is from me.  Sorry JBot!  Nothing I did on my end other than try to reply to your excellent post.  At least my post was not bounced this time  Lol. Here's what I tried to say.

JBot - really nice summary and I think you are likely right that it will be a partnership deal.  

What I tried to say is that the only way a full buyout happens is if the RVX portfolio fully or nearly aligns to a BP strategy who agrees with the science and can see the full future valuation. If so they will just take us out no brainer.  

Else, a buyout could also happen if a BP sees some RVX alignment and can buy it all at a value/discount rather than sorting thru the complicated company structure.  Then they could later spin off RVX components that don't align to their strategy.  Obviously this is less likely and would probably bring less overall value to RVX.  Possible but unlikely.  

Else it will be some sort of partnership agreement exactly like JBot prescribed and which I agree too is most likely.  

Lastly in the past, some people have indicated that you could take out RVX as a defensive play meaning that if you buy it that prevents other competitors from having it to compete against you. 

I've worked in M&A and this was never an acquisition strategy that I've ever been a part of.  When you have money to invest you invest in growth (aka offense) that drives your strategy and which always trumps defense.  

In other words, a truly defensive acquisition consumes your capital without driving your strategy to create future value.  So most companies would never choose to take that path so personally I rule it out completely. 

10BagR