I  dont follow RVX as closely as you all do, so forgive me if I seem ignorant but I am curious why the board does not think the entire co. will be sold. They could probably buy the co and get Zenith for a very reasonable price as well  and decrease the risk over several products as well as the risk of being upstaged by another product from RVX.

The fact that creditholders are willing to exchange for ordinary shares of RVX seems to suggest the entire co will be sold, IMO they would not risk it if was just a colloboration deal being anounced as the SP would then depend on market perception of the deal being good or bad.