>do Ovation effectively have first right of refusal on all ATryn applications in US now?<
Correct.
>If so it seems like a very cheap call option.<
With respect to HD and CABG/HR, the deal is more than a call option because there are contractual performance requirements for Ovation to retain its license. For DIC and acquired-deficiency indications other than CABG/HR, Ovation effectively has a call option.
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