Biotech Values

[DewDiligence]

ENTA—You left out the value component for the ABT-493/ABT-530 program. If you think this program has no value, then you shouldn't be projecting such a steep decline in V-Pak royalties after 2016. I.e. if the V-Pak royalty stream is going to decline by 15% annually starting in 2017 due to competition (as you projected), some of that competition is likely to come from ABT-493/ABT-530.

I have other issues with your model, but the above is the most clear-cut.