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A license deal can be made at any time. In fact Relenza was licensed to GSK before phase I i.e. during pre-clinical studies.

However, the further along the clinical path the drug is the better a deal you can negotiate. Now they have proof it works in humans it will be much easier to get a good deal.

Biota actually has a good track record of negotiating license arrangements. Check out RSV and HCV, both were good. Relenza was even ok given how early it was licensed and the fact Aussie investors would put up money to fund trials all those years back.

I would expect a decent deal from this one, including large milestones if the crack the regular cold market.