You often hear about option-to-buy deals in biotech, where a big firm will pay a fee for the right to acquire a smaller company later on. But as the phrase suggests, it’s no guarantee that a buyout will take place. Sometimes, for one reason or another, talks break down, and the little guy has to regroup and come up with a Plan B. That’s the path Waltham, MA-based Proteon Therapeutics finds itself on after a potential buyout from Novartis fell apart last year.
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