It sounds like a MorphoSys type deal to me. Judging by when it was signed (stage of development 11/04 phase 1 couple years later) and considering they do not pay any development costs I think it's a lot like MorphoSys deals which were typically 5%. That is just a guess couldn't find anything. They seem to have done better on subsequent deals. Interesting company not sure I put much value on 435 (their share) so i would need to look at the rest of their pipeline more closely. Please post if you do find a royalty rate.
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