Very astute reasoning you demonstrate. Maybe you are both right. My understanding (from someone in the business) is that big pharma signs lots of term sheets with many potential partners that almost always amount to a big nothing burger. So not much point in touting a signed term sheet, Leo has probably signed lots of term sheets. Point being if the negotiations become serious, then you wont be hearing of any term sheets from either party. So Leo not talking about a term sheet in future prs means that none of us has any clue to whether or not the term sheet is still in play. JMO. GO CTIX!
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