I still think a lot of it comes down to PK/PD they have spent yeeeaaars and maannnyyy partnerships with other parties trying to improve it but still while they will say we have seen "great improvements" it's not quite there. If you don't have that you don't have a drug and imv big pharma wont touch it for more than a couple of mill of "look see" as they have done with 6 partners to date. Janssen was a massive deal (potentially) and would have all been tied in milestones 5-10 years down the track - I imagine future ones will be much the same until they can show differently ?
Peptidream obviously have something big aside from just larger libraries - you don't get and hold 18 partners (9 of those over the last 2 years) otherwise.
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