Beyond this are a host of drugs in pre-clinical or very early stage human studies at a variety of small biotechs. Assuming that no major safety issues appear in the late-stage trials of the anti-PD-1/PD-L1 approaches, it seems safe to assume that a wave of in-licensing and acquisitions will occur as Big Pharma players with weak immunotherapy portfolios look to strengthen their hand. So while success with immunotherapy is certainly part of the bullish thesis for all three of these companies, it is only a part of a more complicated investment perspective. Thank you! BMSN