Biotech Values

[DewDiligence]

CLVS/Roche—In a marriage of equal partners, I would expect that [no cash would change hands]

I wouldn’t describe the relationship that way. Rather, this is simply an agreement to conduct a phase-2 trial of two unapproved drugs, which could not be done by either company on its own.

If a full-fledged drug-development partnership emerges from this trial, then there will very likely be a cash consideration among the various moving parts.