I've actually never believed in the T/O talk. The parameters were laid out for us in the first release and anyone thinking T/O is clutching at straws. The framework is there, it's just the dollars for each aspect and finer conditions being negotiated IMHO.
Another thought to chuck in the ring is the timing for the various components of the deal being negotiated. The wording was a bit loose on the original framework suggesting the stake taking could follow later. I presume that the 19.9% stake will be sorted as part of the deal rather than to follow later. I think it in Amgens best interests to take a stake from the start. If they pay us for exclusivity on some items and give us a loan that would increase the value of the company before they then take a stake. Of course it would be in our best interests for the reverse. Perhaps this is one of the sticking points in the negotiations.
