Ann: Pharmaxis Earns A$15 Million Milestone Payment, page-7

Don't have access to all the figures at the moment but some of the numbers (MC, debt) do seem right from memory.
With a 15 million injection for second indication that represents around 4.7c /share. Last look we were up 1c / share. Given the relatively flat nature of the price since 2015 it is hard to argue it is priced in.

My point is that with majority ownership with so few shareholders why would price move much?
It's a question not a statement of fact.