• received $250M up-front from PFE; • is eligible to receive $750M in clinical/regulatory milestones; • pays 40% of worldwide development costs; and • will receive 50% of worldwide net profits.
• received $50M up-front from MRK; • is eligible to receive $420M in clinical/regulatory/sales milestones; • pays none of the development costs; • will receive a double-digit % royalty on worldwide sales.
“The efficient-market hypothesis may be the foremost piece of B.S. ever promulgated in any area of human knowledge!”
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