...it partly explains why Abbvie sold their holdings.
The terms of the royalty agreement with ENTA were established many years ago (when ABBV was still part of ABT), so you haven't explained why ABBV decided to pare its ENTA holding in Oct 2017.
Also, importantly, we do not know that ABBV sold its entire ENTA stake; rather, we merely know that ABBV made a bad decision by lightening up on its ENTA position too early.
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