Going forward..., page-421

I am trying to figure out a potential value Fuji might pay for a cutting edge technology.  Sure whatever Fuji pays is the literal value, but theoretically in coming up with that number they take the gross value of the DCF and reduce it by outflows as required by the license agreement.  

The 2013 prospectus didn’t really give a lot of detail other than the sub license clause as noted at 30%.  On the Cynata website they mention a potential end date of the agreement, which of course could be renewed.  Just curious how other people are factoring this into their valuations.

Most of the time you can just take a relative peer valuation, but this is something you need to factor on top as it isn’t stand alone entity like a VLA.  You would need to do the same adjustment to the aGVHD portion of MSB,

the number will be much larger than today’s MC in my view but how big is the million dollar query