Because the two sides will be too far apart to be able to reach agreement on a cash value upfront.
A partnership with milestones and a royalty derisks for both sides.
After potential sales can be estimated more accurately, the two sides negotiating positions will become closer.
The true debate right now should be on the royalty percentage, which nobody has mentioned. I have a view as to a fair royalty, but I won't state it because that would be a bad poker strategy, just as publicly stating your cash TO price is a bad strategy.
What's going on with Race Oncology at the moment ?, page-39
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