Anavex Life Sciences Corp (AVXL)

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Partnering, mergers, and acquisitions come with many more considerations than just financing, control being a major one.

Yup--when a small biotech partners with BP, the small company gets up-front revenues that are usually desperately needed to continue growing in the company. In exchange, BP gets a huge chunk (usually more than 50%) of future revenues. BP comes out with a huge advantage.

In AVXL's case, a big consideration in partnership negotiations will be whether or not an additional large Phase 3 trial is needed and who will pay for it. In addition, if a further trial is needed, the partnership structure is going to be influenced by additional milestone features. The question is will Missling make a move before the regulatory situation is clarified. I think he should wait until some of the variables are understood. Things will be much clearer in a few months.