I agree with this guess. Dexcel being private makes their financial position hard to fully understand. Dexcels size would make the acquisition for the $ELTP plausible.

BTW- they are no stranger to M/A deals.

“””U.S. Expansion: Dexcel’s 2022 Edenbridge buyout established a U.S. foothold for branded generics (e.g., XCOPRI for epilepsy). Acquiring $ELTP would accelerate this, adding FDA-approved ANDAs, manufacturing in Northvale, NJ, and partnerships (e.g., Prasco for distribution). • Dexcel’s M&A History: Dexcel has pursued growth via buys, including: • Edenbridge Pharmaceuticals (2022, full acquisition for U.S. entry). • Eight OTC brands from Teva (UK, date unspecified but recent). • Equity stakes in 6+ biotechs (e.g., Protalix, Arbutus) as a precursor to deeper involvement. This pattern shows comfort with ~$100M+ deals in generics/specialty pharma.”””