>IDIX – In your previous "musing on an HIV deal," you mentioned $500 million at the high end. Assuming that your high-end estimate is correct, how do you think this would break down in terms of upfront money, milestones and royalties?<
The $500M figure doesn’t include royalties. The breakdown between up-front cash and milestones could vary considerably depending on the partner and the data—a reasonable expectation, IMO, is that 20% of the total deal money will be up-front.
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