PAA 2022 , Human Trials , Covid , MND , Oncology , HVTL-1, K9 Phase III, page-232

Thanks @kpax and @Captain Goodvybes for your thoughts and just to add my thoughts on each scenario:

1 Buy out
a. 100% of everything sold to one Pharma.
b. Big Vet Pharma buys the canine ( animal ) application and then they on sell the human side.
Comment: I dont see this as the appropriate strategy because although an appropriate value for the canine application may be achieved it would be difficult to value the human side and therefore likely to be sold on the cheap. In my mind I couldn't see a big Vet Pharma paying full value for the human side

2. Sell the animal license , PAA holds the patents and collects royalties. Pays for further trials and further on selling of each particular patent.
Comment: At the end of the day I dont think PAA has the resources to develop and commercialize both the animal and human drugs/applications and as such needs to monetize the animal license. I like this scenario as although the initial value (lump sum) may be less it provides ongoing revenue (perhaps even dividends), allows PAA more flexibility in development of its other drugs and as such maximizing their value as they proceed through future (successful) clinical trials. The sustainability of PAA is assured and as such provides the ability for PAA to continue to trial and broaden the applicability (increased IP and $$$ value) of MPL. As pointed out by the good Captain this scenario does allow for a potential failure without causing a shut down of other development trials. This scenario also allows for cooperation/provision of trial funding from other companies for the different human applications.

3. PAA sells the animal application and then sells the human application to two separate Companies.
Comment: This is a real possibility but in my mind will under value both MPL and PAA

4. Merge with another Company who pays for trials and a reverse royalty on subsequent sale to Big Pharma incorporating any other the above.
Comment: I think this alternative is more of a desperation alternative whereby PAA is unable to commercialize of sell off its canine and/or human IP. PAA would in effect lose all independence and be at the mercy re commercialisations. There would be no way PAA as the tail would be able to wag the dog. An acceptable alternative would be a cooperation agreement whereby another company paid for the trials for access to the drugs/IP on successful clinical trials