Biotech Values

[mcbio]

Correct no disclosure on royalty rates for LGND-MRK BACE, but I think you can safely assume they would be single digit. This license dates way back to a Pharmacopeia-Schering Plough deal I believe.

Thanks again. I would tend to think regardless of how long ago Pharmacopeia inked the deal with Schering Plough, it would have depended on what Pharmacopeia brought to the table with respect to the drug at that time. I.e., if it was just something like what LGND is doing with Captisol and just enhancing an existing drug, then sure probably just single-digit royalties. But, if the BACE inhibitor was entirely discovered by Pharmacopeia then licensed to Schering Plough, as I suspect, you would think a NCE against a novel Alzheimer's target would command double-digit royalties.