why own pyc ?

For those who wonder why they're still in PYC.

The following news report shows a deal between Galapagos and Servier.

As PYC builds their bargaining power their ability to extract larger upfront payments and overall payments will be achieved.
..................

Servier in 300-millon-euro deal with Galapagos to target osteoarthritis
Article 5 July 2010
Leading independent French drugmaker Laboratoires Servier has entered into a multi-year strategic alliance with Belgium-based Galapagos to develop new therapies in osteoarthritis.

The alliance between Servier and Galapagos builds on novel OA drug targets discovered by Galapagos through its proprietary platform. The latter will be responsible for the discovery and development of new small molecule candidate drugs against these targets. Some of the OA-research programs are in the advanced stages of drug discovery. Servier will have an exclusive option to license each small molecule program after the completion of Phase I clinical trials by Galapagos. Upon exercise of each option, Servier will be responsible for the further clinical development, registration and commercialization. For any marketed products, Galapagos retains exclusive US commercialization rights.

Under the terms of the deal, Galapagos will receive research access payments of 7 million euros ($8.6 million) from Servier. The Belgian firm is also eligible to receive discovery, development, regulatory and other milestone payments that could reach 290 million euros, plus royalties upon commercialization of products outside the USA covered under the agreement.

"We will leverage Galapagos' novel targets and drug discovery capabilities through this alliance with Servier, our eighth risk-sharing alliance with a pharmaceutical company," said Onno van de Stolpe, chief executive of Galapagos. "Retaining the US rights to any products from this alliance is important to Galapagos, especially as the USA has a large need for disease-modifying osteoarthritis therapies," he added.

"This alliance is in line with Servier's commitment to develop disease- modifying drugs for sufferers of uncured diseases, such as OA, a debilitating disease that affects 12% of the world population, leading to severe and costly handicaps," commented Emmanuel Canet, head of R&D at Servier, "Through this collaboration with Galapagos, we gain access to validated OA targets and molecules that have shown promise in altering the course of the disease," said Bernard Marchand, head of research at Servier.