Prof Thomas Voit, DMD expert, interview with Wilsons advisory, page-18

That's an interesting vector deal with Takeda following Sarepta last week - for gene therapies it's all about vectors.

It's also the type of deal we don't want to see (or at least i don't & i'd presume many others wouldn't when the dust settles) if ANP risks it & tries to go early before IIb. It's the type of deal you'd sell into the hype - it only holds value on the upfront and then creeps along at a snails pace until the next payday is hit.

Sure it has pretty big "potential" figures attached - but it's similar structure to every other ANP deal on MS & Acromegaly where tiered milestones gradually increase over 5-10 years right out past approval and to hitting sales targets and royalties IF and when it gets there.

Big pharma taking an option - a few coins up-front, private companies always harder to read the undisclosed figures but i'd gather the $5M convertible note and then something else maybe around the same mark and potential funding. From there it can be all or nothing depending on terms of agreement - if it flops pharma just walk away.

If Sarepta took a deal like that at the time - you wouldn't even know their name now - that's part of their strength in that they have been hesitant to ever deal out anything.

Those deals are good though for risk adverse outcomes on both parties it works both ways - pharma can put a few coins in, get out at negligible cost if it flops but take the spoils if successful & small cash strapped biotechs get a partner to help carry them along and "maybe" it pays out a few years down the track - but they've given the lions share away by then.

Complete IIB, hit desired outcomes and it's a whole new ball game.