Biotech Values

[DewDiligence]

> GNLB – any guesses about odds of getting the initial 20 million (is 12.5 a shoe in, the up front fee)?<

The $12.5M appears to be guaranteed and the other $7.5M will be paid unless NVS cancels the research project. However, my read is that these amounts are just reimbursement for research rather than bona fide income for GNLB.