My understanding is that BTA gets about 4% of the Inavir sale in Japan. But the sharing of future LANI sales in USA (or ROW) between BTA, DS and the device manufacturer does not seem to be finalized as far as I know. But presumably BTA will get by far the dominant share given BTA will provide the funding for USA clinical trials via BARDA grant. There might be an opportunity to increase income in the short/medium term by renegotiating the Japan royalty share, i.e. offer DS a little more of the future USA/ROW action in return for more of the current and future Japan action. This could be an attractive way to manage risk given USA/ROW sales may be at least five years away. A complication with this strategy would be if DS wants to take BTA out - then all bets are off.
BTA Price at posting:
$1.29 Sentiment: Buy Disclosure: Held
