Biotech Values

[mcbio]

I'd be very disappointed if CLDX got only $60-80 million upfront and less than a 50-50 split on profits.

$60-80M is a big chunk of change. I'd have no problem with that amount of up-front for 011. If you're expecting 50-50 split on profits, that would in all likelihood mean CLDX would have to co-develop 011 and share in costs. Don't think they want to do that. I'd be fine with high double-digits type of royalty (ballpark 20% at peak sales levels) with no cost obligations for CLDX going forward. A big deal would help validate the Phase 2b data and CLDX overall I think (think questions may remain after PFE pulled out of the rindo deal leaving CLDX with no partners).