As it happens, the clock is always ticking.  We just don't really know atm to what end.  While a buyout is seemingly something that most would prefer now it also has a drawback in terms of leverage.  As Tada points out, if you are BP offering a buyout price that price will almost certainly be lower if there are still many unknowns regarding either the viability of the science itself and/or the commercialization prospects thereof.  On the other hand, a partnering arrangement would likely provide a measure of financial stability until some of those unknowns are clarified.  Further, a solid partnering arrangement would, I think, almost certainly boost the SP to a level of greater stability than is now the case.  

If you're looking for a big buck buyout then an initial 2-3 year partnering arrangement might well be a great run up to that possibility, assuming of course that the science and commercial aspects are subsequently confirmed.