Biotech Values

[mcbio]

Where I disagree with your reasoning is in your implicit assumption that an all-oral regimen is the only way a new HCV drug can be brought to market. TMC435, for instance, can be approved based on phase-3 trials in progress with ifn and can be combined into all-oral regimens once it is on the market.

Ah ok, I think I follow you. In effect, JNJ/Medivir doesn't necessarily need a formal partnership deal for PSI-7977 or any other nuke. Provided TMC435 and 7977 make it to market, even in the absence of the FDA formally approving the combo and in the absence of any formal deal between the two companies, it's likely doctors will prescribe the drugs in combo anyways. And JNJ and GILD will pocket their own revenue from the use of their respective drugs in the combo. Presumably such a practice would be supported by the ongoing collaboration trial for the TMC435 and 7977 combo. This would make JNJ/Medivir less desperate to do a deal for a nuke presumably. I guess there is still the point if JNJ wants their own in-house combo, though; they could still be interested in doing a deal to have their own nuke in-house.