I hadn't thought of that. I wonder if there is precedent with past deals? Imagine if they missed a milestone date by 1 day? That would likely trigger a bunch of lawsuits.
Do you think Mallinckrodt would gamble $42Mil only not to see the 1st & 2nd milestones? And these two milestones should be easily achievable within 18 months as it's simply the enrollment of the first patient in a Phase 3 Clinical Trial. For detailed info on this, please search for the text “IV Milestone” and "“Oral Milestone” in the following merger agreement document: https://www.sec.gov/Archives/edgar/data/1274644/000119312517330223/d487980dex21.htm The 3rd milestone is very difficult to achieve (probability of success is less than 5%), but by that time Mallinckrodt already spent $67M (= $42M + $10M + $15M), and I hope they had already studied the clinical data from the first two phases carefully and not to gamble $67Mil to see OCR-002 failed in phase 3. Anyway I'm into this mainly for the 1st & 2nd milestone payments.
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