I'm no expert but even though the patent runs out trof will still generate revenue, it'll just be competing so royalties won't drop to 0.
If we play "what if" for a moment, let's imagine we get to the stage of generating $250-500m+ a year (50% market penetration at 180k per treatment, 12.5% royalty gets you to $400m just in the US so it's not outside the realm to even exceed this) in royalties from Trof across the US & RoW you can guarantee that the company will look to the next opportunity and with that much cash they'll have their pick of other drugs in Phase 1 / 2 (not to mention the 4 indications 591 is being tested on that we could potentially expand on).
The company is more than just trof, it's the brilliant minds that work there, if you value an entire business based on the cash flow from patent life you're not giving any consideration to the team that got the drug to this stage and what they could create in the future.
I don't think having got trof to phase 3, 591 to phase 2 the team are thinking about stopping there.
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