The best phase I deal i know of at least off hand was Plexxikon/Roche and it was actually at pre IND stage. Biobucks should turn into real bucks, Roche paid all the development costs plus a 20%+ royalty.
Bristol is so Bristol shelling out so much money for lambda. I don't get it.
Interesting analysis and you make a good point. These are indeed very high numbers for early milestones - usually you see these early milestones much lower and the biobucks allocated to pie-in-the-sky scenarios that assume the drug is going to be approved for multiple indications and then sell big. And as you pointed out, ZGEN retains a large stake to boot. Makes me want to take another look at their drug - I can't say I've ever followed them much.
It's often also the case that the milestone details are not initially disclosed and are redacted in the SEC filings.
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