RK,
First of all, the Cheetah program must succeed for any benifit and that is unknown for every drug developement program. The risk of failure is always assumed. When discussing potential, success is assumed although the risk is ever present. So, my observations are based on success of the insulin program to achieve best in class.
The approach of Biodel and Halozyme are nothing alike. Biodel is still working on formulation after two Phase III trials while Halozyme is now fine tuning formulation and delivery methods. This is one example that jumps out at me.
What makes you think a PH20/insulin product would carry a huge premium or any premium?
It is always to early to see anything as a surefire success until after the fact.
Never argue with a fool, for after awhile, it becomes difficult to determine which is the fool.
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