Red,
I believe that virtually each drug in the pipeline has blockbuster potential, but naturally I'd like to see one of their wholly owned drugs achieve approval. IMGN853 is probably the closest, or the IMGN products, but Bayer's Anatumab Ravtansine is in a registrational Phase II which if successful would be the first to be approved.
If I'm not mistaken, the Bayer product offers far more in royalties and milestones than those from SNY, Roche, or Amgen, which were the first of the partnerships and got great terms.
Of course I also believe that it won't take that much longer before the money has been paid back in the deal that capitalized Kadcyla. Once that occurs, I believe IMGN's royalties from Kadcyla will have grown to $50 million a year, or more. In time I still believe that Kadcyla royalties plus milestone payments will be well into the hundreds of millions annually.
Another major event would be a new partnership which perhaps would bring in $50 million or more up front, and offer perhaps $300 million in milestones and royalties that grow to mid teens. I believe that's what a new partnership should bring today.
The other unknowns involve new linkers and effector molecules that are approaching the clinic. If these prove to be a substantial improvement over the current DMx series of effector molecules, that too could be a game changer as next generation drugs would be based on these products. I would think that we'll have some idea about this by next year.
Gary
