Biotech Values

[poorgradstudent]

INCY / NVS:

The SEC filing language is: "We also could receive tiered double-digit"

For the NVS collaboration, my assumption is that the top end of that tiered double-digit is 20% because that is the maximum explicitly spelled out for the Lilly collaboration. I'm assuming the top end percentage in these biotech deals is rather consistent, but that the sales thresholds that define the tiers are what vary.

I've not read anything concrete as to what percentage the NVS royalty starts at, although ~10% is a good starting point imo. I would put it above the usual ~5% simply because the program, from my point of view, was licensed at a point where there was more certainty in the outcome.