Right, the reason given was the large balance sheet from the Roxa partnerships. The first P3 in Pam was started prior to filing the Roxa NDA in the US and post approval in Japan and China. The decision to go ahead to P3 in Pam unpartnered was either inability to partner or "being completely unable to do honest analysis", even if the latter was the cause of the former. The hubris was palpable in any case. I don't recall Pam being given much value at the time - but my recollection may be wrong.
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