Biotech Values

[DewDiligence]

Perhaps I didn't understand. If Roche drops ITMN-191 entirely, and they license another PI from another company, they owe Intermune nothing?

Roche could terminate the collaboration and owe ITMN nothing; however, the downside for Roche is that there’s a single collaboration for ITMN-191 and ITMN’s follow-up PI’s. What Roche cannot do is develop a PI from another company while still holding a license to any of ITMN’s PI’s.