Ann: 1H FY22 Results Presentation, page-208

That was the analyst who, despite multiple explanations and unequivocal assurances, seemed to remain unconvinced that revenues would cover costs going forward.

So he speculated that a licensing agreement with upfront was on the near horizon and asked David Williams if that was the case. DW issued a flat no before asking the analyst if he really thought that he would answer the question, even if it was the case.

The analyst made reference to China Grand Pharma.

In late 2020, China Grand Pharma took a cornerstone equity position and entered into a strategic licensing agreement with Telix Pharmaceuticals. The licensing agreement was for Taiwan, Hong Kong, Macau and Mainland China. Kidder Williams was the Corporate Adviser to China Grand Pharma.

China Grand made a private placement of A$35m and entered into a strategic licensing agreement with Telix to take its clinical stage products into Taiwan, Hong Kong, Macau and Mainland China.

For the licensing rights China Grand paid ~A$35m upfront, with a further ~A$320m in regulatory and commercial milestones, royalties on sales and commitment to contribute up to A$90m for clinical costs associated with development of Telix’s therapies within the Territory.

https://kidderwilliams.com.au/category/media/page/2/
https://kidderwilliams.com.au/transactions/