Maybe Sandoz was slipped some unreleased trial info? But also quite possibly NOT. Sandoz obviously realise the huge upside if insomnia trial is successful. USD3m is a small price to pay for their prime seat at the table if the trial is successful and that could be enough to justify the upfront $$$ if they think there's at least a moderate chance of the trial being successful.
I'm working on that basis too (i.e. risk/reward equation) only with a bit less than USD3m ...
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