Absolutely they could, but with the patent protections for...

Absolutely they could, but with the patent protections for OA/BMEL using PPS - they've got to infringe on PAR in order to do so for a long while yet.
http://www.paradigmbiopharma.com/investors/ip-patents-trademarks

Added to this is the time it takes to develop and then come in as a new entrant where PAR will have potentially scooped up a market leading position. I think it a reasonable argument that it would just be easier for a large pharma to just skip the cue and just lob a takeover bid - which is what I'm basing my investment on. i.e. positive Ph2b results -> risk-off investment and large jump in share price -> number of suitors to lob bids for licensing arrangement (inc in share price again) -> get fed up and just lob a bid for takeover (at reasonable premium). My thoughts anyway.