valuation model, page-5

C
as you say ATC is miles ahead of where that deal was done

not just 100+ pts now as u say, but about 225 in the phiii i think
which would sum the total number of pts who have been on the 800 mg dose to almost 500, well over that required for safety approval, and with efficacy demonstrated in a phiii over 24 and 48wks to come, is significantly de-risked...

compared to a 32 pts, 7 day trial for the idenix drug

also, since in-licensing AVX have spent >$100M on developing ATC beyond such a stage, resulting in a big saving to the partner

and AVX should expect a good return on such an investment...

You should expect a significantly better outcome/upfront/royalties than that deal...