I agree with both this and the prior post but I think the answer will rest with the acquiring entity. Why would a PE firm buy into this? Battery Ventures has amassed an impressive portfolio of assets while raising multiple billions across their funds. At the end of the day, they are looking to turn a profit on their investment. Other than cash and real estate which are easy to value, the company's asset is their customer base and the associated products they purchase. Battery has several investments in the Life Sciences tools space--as such, I would expect them to pick apart the Enzo assets that would best allow them to combine them with one or more of their current portfolio companies to create an entity with a higher value that can, in turn be flipped to another PE firm and/or acquired by a larger life sciences company. They could, for example, bolt on Enzo's products into one of the Analytichem groups, or perhaps tuck them into LICORbio. In any case, I would surmise that they would view most of the current Enzo operations to be redundant and quite inefficient as they have not been able to show any level of profit even accounting for the costs of being a public company. Perhaps this larger entity can negotiate lower costs for the items that Enzo currently does not manufacture in-house and I would absolutely expect Battery to move what manufacturing the company still does to a less expensive place than Long Island, NY. As far as the IP goes, the company long ago "licensed" whatever had value by way of the myriad of settlements agreed to under prior leadership, thus I don't see any real further value to whatever patents that are still active would bring. I'm really unsure how much goodwill the Enzo brand actually has at this stage as many of the products they sell now started under different brands from the acquisitions done in the past. I imagine the market will know once the long tenured and/or senior Enzo team starts updating their Linked in profiles with either "retired" or the dreaded green "looking for work" frame.