Contrary to James’ hypothesis that you quote, does MSKCC/Ludwig have to invest any $$$ at all to have one or more of its personnel(think Rosen/Wolchok) invited to be on PPHM or AVID BOD as a non- employee member?
Could the present PPHM/AVID relationship of parent and sub be restructured or redesignated by current BOD as AVID the parent and PPHM the sub(in light of unknown or insufficient present value of PPHM’s R&D platform, not worth pursuing immediately with further $$$ invested), with or without SH approval? That idea seems a slam dunk of being approved in either circumstance, eh? The Avid BOD and management would then have the task of partnering, licensing and/or selling the sub’s R&D platform, all in accord with Ronin’s thoughts of best way of achieving value and the tenets of SK’s statement that PPHM is in a transition state to become a CDMO.
All of the above paragraph would seem to require UTSW’s approval or agreement as owner of most of the IP patented technology to which the entity PPHM has an exclusive license.
Some patents are co-owned by UTSW and PPHM. What happens next should that IP be partnered, licensed or sold? Presumably, something must come back to UTSW if successfully commercially developed Later....