Normally the big pharma partner pays 100% of the P3 trials cost. RAC would supply only the drug and technical advice.
You're correct re the partnership being negotiated after P2 but before P3.
Yes there is significant derisking for a P3 drug. Which IMO is when any buyout of remaining milestones and royalties should be negotiated. The derisking would achieve a higher buyout value.
General Comments / Chat, page-2691
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