$1b deal here were come, page-7

If there is a deal its size will depend on whether a partner just wants to buy into one of our programs or whether they want to buy a share in the technology platform. There is a quantum difference between what the deal would be worth depending on which option is in play.

I agree that a deal on one of the pre-clinical programs would not yield much but it should be enough to keep us going for a while.

As for P28, while it is positive and any positive position is good, what I don't like is the change in language about our pre-clinical programs. Before we acquired Tacere, PF was saying we would not partner on any of our programs at this stage because we would have to "leave too much on the table". Now partnering on these programs is our strategy? This change in just a few months does not reflect well on management's understanding of the market and comes on the heels of several major changes to statements about the pipeline timetable and the Chairman's 2011 comments on sp re-valuation. This means it is difficult to interpret the real meaning of P28 comments.

I am a fan of management doing what they they are going to do but I will forgive the team if they do deliver a deal that avoids further dilution. At this stage, all the indications are that this is what management is about to do.