GTC Biotherapeutics (fka GTCB)

[palindromy]

Yes, I think effective royalty being in the low 20s is quite good considering the kind of bargaining position they were in. It seems like from a financial perspective, this will be a close run thing as to whether there is more dilution.

One scenario is that further partnerships and revenue materialize.

Another scenario is dependent on if and when the FDA convenes an advisory panel. Looking at the tentative calendar, blood products AC(which I assume will rightfully look at Atryn) has slots in Sep and Dec. In this case, effectively GTCB will know the fate of Atryn wrt FDA this year. If Atryn is approved, I cannot see how the enterprise value will be below 100m.