Still at it? Even though people know you are just making noise at this point?
It isn’t another anything, but the first situation wasn’t what it was said to be either. Neither is what you are saying they are or will be.
But the two circumstances are, in fact, different. And it doesn’t matter if the backers ultimately sell Advent any more than it mattered that Cognate was sold.
Did NWBO need to be sold with Cognate to make it valuable? You argued the other day that NWBO had no value without Advent, which is false. Obviously that was not the reality with Cognate, but Cognate was a free standing CDMO. Advent is not. Sawston does not belong to it.
But the reality is that having that role worked modularity is a useful development tool and it makes some of the burdens less onerous for NWBO. Which I have explained elsewhere.
And there simply is not much value or margin to be made in contract manufacturing. It’s really not where the value is, at all. It is a burdensome and expensive task, filled with potential risks and downsides and it his human resource heavy. And in this case, and generally, all the IP also belongs to the customer, so there is no accretive value in IP.