Yes, this is obviously early. How early depends on the regulatory path forward. But clinical risk should be low here, and there is a strategic value to BIIB to protect its franchise, and also to someone like Teva that might want to compete with BIIB.
The risk of dealing with BIIB is that they have incentives to just warehouse the project. So not quite sure what the optimal structure would be.
A lot might depend on whether they do indeed have IP surrounding pro-drugs.
All that said, this is a snakebit company. Hard to tell if it's been bad luck or incompetence.
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