Hey Rentier, couldn't help but check the board this afternoon and saw your post. No, I'm not under the impression TTNP has access to $50 million. But under the TTNP-Braeburn License Agreement...
"If Braeburn (i) sells in the Territory, or permits any of its Affiliates to sell in the Territory, a Second Product, or (ii) acquires, or permits its Affiliates to acquire, directly or indirectly, any rights or interest in or to a Second Product that is being sold in the Territory, Titan shall be entitled to receive aggregate royalties of up to fifty million dollars(US$50,000,000 dollars) at the rate of [*****]percent ([*****]%) of aggregate net sales of the Second Product in the Territory."
So Braeburn has to pay TTNP a single digit royalty (I've heard around 4%) on injectables sales up to $50 million. If Titan elects, Titan also has the right to get a higher royalty percentage (maybe 10%) for a reduced total amount (maybe $25 million).
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