What is the downside risk? Is it that we get 0% of something big? Is it that we get 22.5% of zero? If we're doing the maths does that make the downside 0 because you keep repeating we've taken on all the downside risk.
I don't see this partnership as materially positive, we have been provided with an additional small probability of success in many years time, that's still better than where we were last week.
Ann: Starpharma and Medicxi Partnership Petalion Therapeutics, page-87
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