INCY & LLY have a better mousetrap. Too bad INCY only gets 20-30% royalties.
What's wrong with 20-30%? That's still a lucrative amount if the JAK drug turns out to be a blockbuster. And those are fair terms for a relatively small biotech to ink with a big pharma partner. (RIGL inked similar terms with AZN for fostamatinib.)