I'd be happy with a $10 CVR deal with more to come based on milestones.

Not me.  I'd much rather wait it out.  With a CVR deal, risk is transferred from the acquirer to shareholders.  No liquidity.  If milestones aren't reached, or are reached too late, we get nothing.  I'd call that a great incentive to delay, delay, delay.  Pretty much a total disaster IMO.