Biotech Values

[rkrw]

Interesting to note the striking similarities to the Arena JV.

* Both are with Japan Pharma, Eisai and Takeda
* Both had upfront of 50M
* Milestone payments $1B+
* Royalties: Tiered
* Royalties: Arena starts at 31.5% (but they manufacture)
* Royalties: Orexigen starts "tiered double digit"
* Marketing: Arena none, Orexigen a copromote (plus co-develop)
* Territory: US only for Arena, US+CAN+MEX for Orexigen