Biotech Values

[DewDiligence]

RDEA VRX – I think we’re on the same wavelength, although it may not sound that way. Let me recap:

• RDEA does not plan to advance RDEA806 for HIV into phase-2b on it own dime.

• VRX is probably not interested in getting into HIV drug development. (They did that in another lifetime :- ))

• RDEA is shopping the RDEA806 HIV program to prospective suitors on an unencumbered basis with the understanding that VRX will renounce its clawback option and will be paid off by RDEA.

In a sense, a formal agreement between RDEA and VRX is needed, but such an agreement will IMO not be undertaken on a standalone basis; rather, it will be done only as part of a licensing transaction if a third party expresses interest in the program.