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
actually they got 200M for getting to start of phase 2, so if you want to back out the 100M committed to the 2b program before BMY chips in to the cost of drug development that is still a net 100M at the front end the deal is even a bit better than this "net" 100M in that their cost of the phase 3 is 20% for a 40% profit share vs the usual 1:1 cost/profit share structure of most deals lastly, to avoid the bind ariad now finds itself in, zgen always negotiates an opt-out in case costs are more than they can handle (e.g. they coverted to a royalty on atacicept), and more recently an opt-in for il-21 mAB to offload costs and still retain more upside if resources permit down the road and the molecule performs well through ph 2 all in all i think many biotechs could take a page or two from ZGEN when it comes to negotiating deals!
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