laninamivir increased ds market cap by ~1.8bn, page-15

Please keep in mind that DS get their share of the LANI royalty plus the profit from making, marketing, selling LANI in Japan, plus their share of the ROW royalty. Biota only gets their share of a (currently) undisclosed royalty which may be at a discount to the futre ROW royalty plus the ROW royalty.

Please don't ramp too hard on BTA. I want a stable share price with solid upward movement as the market digests the reliability of the forthcoming revenue stream. Future revenue is not currently bankable. The SP does need to discount this fact. What discount to use is a tricky question.

I note Comsec have recently removed BTA from their margin loan list for new purchases (I don't know how other loan providers treat BTA). This is a good thing. It would be nice to know any share price appreciation is with real money, not leverage. I don't want to see anyone forced to sell their BTA shares.

Most BTA shareholders who bought in the past 6 mths should now be sitting on good capital gains. If they remember the 12mth discount capital gains treament, this might reduce selling pressure in the short to mid term.

I believe BTA's value is currently being re-rated by the market. I believe/hope it has a long way to go. Tamiflu had 80-90% of the stockpile market. I think Relenza is moving to 50% due to Tamiflu issues. Lani could move to 80-90%.

And finally, the stockpile market will grow as governments around the world witness first hand how a pandemic spreads in a modern social system. You need to have antivirals in the government warehouse when a pandemic hits. Drug companies don't keep pandemic stockpiles, they just provide the product!