You think so?  My question would be: how will RVX find capital to continue its operations? 

Frankly, I expect the big holders to accept any reasonable price.  Hepalink in particular has a US$600 million net debt problem of their own, so they would like to get paid for RVX.  C$5 would do it. 

That would ensure that RVX as an entity thrives along with all the scientists in that company, investors get some money back.  In addition, don't forget that any buyer would have to write 2 checks: one for RVX and one for Zenith.  In fact, the Zenith shares may be the better deal as they are not encumbered as much by the need to raise capital as much as RVX.