Insmed Inc (INSM)

[Aiming4]

Just looking at the partnership with DNA, I don't think the market is very happy with the terms:


No upfront payment.

No equity investment.

Option to review Phase II ("Phase III enabling") results before making an investment.

If they do opt in, their only financial obligation is 50% of the development costs.

If the drug is approved, they get 50% of the profits.


On top of the above, unless I've missed it, Insmed wouldn't just have "free" access to DNA's sales force and marketing, that would be something Insmed presumably would have to pay handsomely for.

I may well be mistaken in my impressions, please correct as appropriate... Aiming4.