For Vitiligo they almost certainly would need one at some point. Not just to help with development costs but also commercialization/marketing a bigger company would put the necessary resources behind it. So it makes sense to do. I saw your post (SS or GG?) about expected terms I don't know that I could make a much better guess as there are a lot of factors (territories, compounds involved, up-front cash vs milestones and royalties, etc.). I'd imagine a partner would want rights to any follow on compounds/formulations for the indications they license. The bad thing is these are quite early so probably hard to get much at this point.
For EPP ordinarily I would prefer they don't partner such a niche indication that they could easily commercialize themselves especially in a country like the US but the experience in Europe leaves me to wonder. But it may be hard to separate the same product for two different indications in the same territory so partner may want both (though different dosing may help in getting someone to just take one indication).
Agree about timing of a buyout but there is always risk so a big enough premium and I wouldn't complain . I don't get the impression management is the type to sell out so easily so its not something I spend much time considering.
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