In my experience in M&A both hostile and collaborative...Insmed and Tercica have the complicating dynamic of moving from a hostile relationship some level of trust before serious negotiations can begin. The other complicating factor is the lawyers....
Once there is a forum for healthy dialogue the negotiations begin first by agreeing to the scope of negotiations..what is on the table and what is not and the basic framework of the deal...for example Insmed may want to protect some indications. Once the framework is in place, there is due diligence which must be performed and agreemend on the facts. For example, if ALS is in scope what is the potential revenue... Once that is agreed on, then they can negotiate royalty percentages if that is the means they negotiate for payment. It is a long process and every step is a negotiation... Throw in a partner and it gets even more complicated, however with a partner the goodwill and trust has presumably been established.
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