Biotech Values

[mcbio]

And unless I've missed something PCYC only owes CRA mid to high single digit royalties so I fail to see how PCYC will see single royalties as well.

I think it's plausible that PCYC could see single digit royalties net of the royalties due CRA. That obviously will depend on the specific deal terms they can strike with a big pharma partner (I know they already have one partner in Servier and not sure of the specifics of those deal terms). But if we assume a 15% royalty due PCYC on a given drug candidate, then obviously just a 6% royalty due CRA brings the net royalties due PCYC down to single digits.