Biotech Values

[iwfal]

HCV Partnership deals:

I was already aware of ITMN's deal and assumed ACHN would receive a deal that would not be as good as ITMN's considering that there is a lot of competition since the ITMN deal was struck, but after seeing the ZGEN deal I'm not sure.

1) The ZGEN deal wasn't quite as good as that number makes it look - since ZGEN also committed to spend most of it on trials before BMY would pick up most of on-going dev costs. But OTOH they got essentially a fait accompli additional 70+M for getting to ph ii.

2) The reason that ZGEN got such a good deal is that have a compound that probably has no effective competion. There is risk it will be obsolete - but if it is needed in the future market it will have it to itself.

Bottom line - I wouldn't count on that kind of payment for 'another' PI or ... without something really significantly different.