Agreed, biosimilars must be highly competitive and by now a part of any big pharma's strategic plans. I can imagine that a company like Baxter is investing big money, has serious means, expertise and plans. When you consider that one can probably not predict very well what will happen in a complex marketplace, it would be naive to think that a biotech partner can hope to get such a high royalty that it could potentially grab the bulk of the NPV from something that is strategically key to a pharma. MNTA has the difficult positon of arguing for the value of its know-how, a notoriously nebulous thing. As such i'm pretty happy with this deal even it i doubt the market will give it due credit and we'll be stuck around 18...
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