celgene, page-37

Regarding "Whether it is ownership of some IP, or control of a treatment line that MSB was keeping to itself or a larger chunk of the MSB pie" -

You're spot on with that I would say.

I believe this will mainly be about future marketing rights . Stating the obvious I know, but Celgene are aware that some of these products are a little way from the market and they'll be using that - agvhd in Japan is obviously in the market but Japan is not a part of this discussion .

Personally, at this stage, I don't think it is anything to do with uncertainty of the science - even if they have any, they will take a risk - and I don't think Celgene will be too worried about the financing of trials if they get the right deal. Neither do I think they will be selling their msb shares, they are more than a little comfortable financially; they threw bucket loads of cash at Juno. I think the area of discussion will be about the future market share as the products roll out. The more market share and ip msb wants to keep the more Celgene will push back on future trial responsibility. The problem for msb is being the smaller party with less money to throw around is they cannot afford to get all their products to market on their own and Celgene will be using that. Clearly the one good thing about that is that Celgene have not moved on. I had quietly thought they might after the nasdaq listing, that they did not suggested to me that they do see a fair degree of value in this ip and want to make a deal but are going to put msb through the wringer before they do so.

What would be handy right about now would be another potential partner with an interest in the same ip, nothing like a bit of competition. The fact that the ROFR has ended obviously allows other partners to be more actively involved, maybe the ceo has that up his sleeve after all; again I seriously doubted that 6 months ago with the free renewal, but possibly things have moved along since then.