Biotech Values

[WorstLuck]

there are contingency plans on spending if results come in lower in back half of the year but maintaining guidance bc even they don't know yet what covid sales will be like

I saw that also and am glad you brought it up. Offhand can't think of who would have better insight into Covid related sales than PFE and they have given notification of the possibility of a sales warning. May not happen but it is significant that they said it.

That means for something like EDP-235, a partner would not only have clinical and regulatory risk (however much or little you deem that to be), but they also have very limited visibility into sales. If I were looking to partner that asset I would probably have to do it on a back-loaded basis with most of the bio-bucks tied to sales levels. If people are fine with that, great.