Biotech Values

[iwfal]

Biggest license fee for ph i -

Zymo got $85 million in cash, and another $20 million license fee in 2009

Actually they will have gotten $200M in 2009 - although the initial payment was as you say, there was another $95M that was tied to what were almost slam dunk milestones (starting the ph ii).

But even if you count all of that the $170M for the pain med is actually more because it has no strings - in contrast, Zymo has to spend $100M on trial costs.