I'm interested in your comment about milestone payments.
all I've been able to find about the milestones related the the Teva deal are that they will be worth up to $1.7bn. No information about when they might be payable, or what the milestones would be. In my experience, these things tend to be back-ended, to minimise risk to the licensor - so the big money gets paid at FDA approval. Then, a big chunk of that will relate to downstream royalties.
If we assume that the next big chunk would be paid on a positive interim CHF study, that's still a fair slug of time in the future. I think therefore that Adam makes a fair point abou funding risk. Not that MSB will run out of cash - they won't. But it's not unreasonable to consider the prospect of them going back to the market. And they'd almost certainly prefer to do that sooner rather than later - the closer you get to the deadline, the more people become spooked. MSB have done a great job in the past raising what they could when they could. I'm sure they'll be thinking about it now.
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