Hummm,,,I dont buy into that perspective at all,,,your rationale would put companies which do strive for a Nasdaq IPO into the "business for dumbies" catagory.

No. It depends on the company and how far along it is.  IMO we're at least a couple of years away from a full or partial pharma buyout.  I think it's way too early for the market cap to be zooming into the billions.   Not too dissimilar from BTI (too early) vs Denali (far enough along).  

....the trading norms in a relatively obscure section of an exchange!....

That trading tells me what I need to know about where we would trade; somewhat higher but not much IMO.  I don't think it would be worth the cost or the dilution at this stage.  And with 7+ years and over 135,000,000 shares fully diluted, there is lots of pent-up selling.