Biotech Values

[biomaven0]

>>expensed as R&D

It doesn't really fit R&D as it has an immediate ascertainable value right now and can be readily resold. So its value is much more certain than is usual for an R&D asset (it's thus quite unlike a license to an unapproved drug). For Sanofi, under IFRS at least, I'm pretty sure it would be capitalized.

Incidentally this pediatric priority voucher will now sunset after a year (unless changed by Congress):

The Secretary may not award any priority review vouchers under paragraph (1) after the last day of the 1-year period that begins on the date that the Secretary awards the third rare pediatric disease priority voucher under this section.