Emerck deal was done at the time when IMCL desperately needed money and had nothing.
Now, IMCL can go
* 50/50 development expenses and profits
* Royalties like additional 25-50% of the first 2-3 years revenues
Everybody happy and partners take regular commercial development risks. If there is no development and/or commercial successeses, partners pay just their portion of development expenses.
At the same time, IMCL gets partners' development expertise together with cutting its development expenses and risks.
It is that simple!
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