Responsibilities of the team, page-93

Hi JDP,

I have been thinking about this more.. In your research did you find any examples like the Celgene/Agios partnership with any small listed biotechs like RAC? I had a search on google but couldn't really find anything that is the same.

Reason I ask is because I wanted to look into the lead up to it, and then the SP movement afterwards. Agios being Inc I couldn't find much public information on it... Obviously if RAC was provided with $100+m cash for their trials the SP would skyrocket! (IMO I don't see this amount being part of any partnership - I'd expect a small upfront of say $10m with milestones)

Do you think a partnership would result in a worse outcome for RAC management than dilution from some kind of raise? ie partner owning portion of RAC/IP (with potential part control of RAC through voting) compared to say issuing additional 50m shares (app 30% to fully diluted)... I simply don't know enough to know the answer to this, and it appears diluting their future returns is the last thing they want to do.

Cheers