Dutchfella, thank you very little for your post (kidding!), I will never look at a sausage the same way hahaha. :)

Your post did get me thinking that perhaps one way a big pharma might approach RVX/Zenith is buy Zenith Capital Corp. for a fair value and then in exchange for an agreed upon ROFR or option invest in RVX only the funds to pay for the new trial.

Zenith could be priced fairly just on the science and RPSs because it has not been priced by the public markets whereas a pharma CEO would be hard pressed to pay for RVX what management thinks is EV because the public markets have heavily discounted RVX, in my opinion largely because the management is brutal and even though the science is very strong and there is apparently a great deal of IP they have not run a clearly successful trial. If a pharma purchased ZCC they would own all the RVX Royalty Preferreds and therefore have a sizeable stake in RVX and would be able to make a fair deal for RVX on a deferred settlement basis.  This would probably be a lot more acceptable to a BP board than paying a big premium for RVX. Additionally, I could see a BP wanting both companies because the science is still new with the potential (from the outside at least) of either company competing with the others IP.  There seems to be a lot of big dollar earlier stage oncology deals happening now which might also support the above approach.

JMO