DCF Valuation Model for Invex Therapeutics, page-139

They have a JV with Peptron for manufacturing, fixed cost per dose with Peptron estimating that they will generate $350M USD for their company from the deal alone over the next 10 years.

That derisks manufacturing, with such a small orphan indication distribution isnt a major issue as there are only 250-350 specialists that you need to contact to prescript the drug, of which are tightly nit with 10-15 of the leaders in the field involved with the study itself.

A go at it alone strategy is far better than a distribution JV before trial read out imo.