Ann: Starpharma and Medicxi Partnership Petalion Therapeutics, page-34

My more considered take below, and all IMHO.

I can’t help but think Starpharma are getting owned and outmanoeuvred here. But beggars can’t be choosers.

Medixci could have invested directly in Starpharma via equity placement if they liked the tech and company so much. But they didn’t.

Medicxi could have given Starpharma non-dilutive funding in exchange for a future revenue stream from current and future commercialised products if they believed in Starpharma’s potential. But they didn’t.

Medicxi via this startup company start-up company Petalion Therapeutics could have licenced one of Starpharma’s existing pre-clinical drug candidates to develop further which would have expedited getting a drug to market. But they didn’t.

Medicxi via this start-up company could have licenced DEP-Irinotecan, DEP-Cabazitaxel or DEP-Docetaxel to take into Phase 3 trials. But they didn’t.

Instead of cash going into the bank account through a licence fee, Starpharma are instead giving away their valuable IP for equity in a start-up company that they will have a minority share in, with no control, with the real potential to get diluted down the track through circumstances, developments and decisions outside of Starpharma’s control.

IMO this research agreement and collaboration is weak and not in Starpharma’s interests. It smells. It may also be an insight into the weakness of Starpharma’s prospects going forward.