Why Im excited!, page-13

If they are going to make a move on the company i'd guess it's not for a while yet it defeats the whole purpose of why they take milestone agreements to start with to mitigate risk, there's no certainty with how future trials will perform. Unless they make an offer less than the expenditure they are putting up for the Phase III trial then it's hard to make ground for it when the total milestones go right through to Phase III completion, FDA approval then as far out as meeting sales targets then they would be putting more risk back into the unkown. It's why milestone agreements became the hot new space it stopped pharma from paying through the nose for drugs only to see them flunk and it gave small biotechs a chance to follow their drugs through as far as they can travel with money they likely wouldn't be able to put together. ANP has a free ride over the next few years their risk has been taken out of it the partner has taken that risk on board albeit in small pieces.

It's always a long road with biotechs markets generally rate milestones when they deliver not on what they potentially may be at some time in the future not different to how the partner rates them - bit by bit as they are reached.