GTC Biotherapeutics (fka GTCB)

[ThomasS]

For a responsible Big Pharma and GTC, ATRYN represents an interesting equation.
No Big Pharma should risk upfront cash for AD at this point; however, the back-end milestones/royalties are too large. GTC also knows this and is probably more than willing to forego cash now for bigger royalties later.
I suspect the negotiated interpolation will be the middle ground: small upfront cash, huge regulatory milestones, yet a slightly smaller sales royalty than GTC would like and smaller sales-based milestones. (The HD portion should be relatively straightforward, however. This probably forms the basis for any upfront cash.)
This has the effect of getting cash along the way for GTC, with minimal risk for the partner, and yet doesn't totally mortgage the future royalty value to GTC.
Dew is absolutely spot-on: we need additional AD enrollment in any AD indication.

(perhaps that is another one of GTC's bargaining points?)