Biotech Values

[DewDiligence]

From the same write-up on Bardoxolone (published 10/8/12):

For Reata, the stakes couldn't be higher. The company has confidently held on to the U.S. rights, expecting to set up a commercial operation as it expands into a full-fledged biopharma company with R&D as well as marketing divisions.

A very costly decision, as things turned out. The up-front and early regulatory-milestone payments would clearly have been much higher if Reata had licensed the US rights also.