The RBS report says, of the European fondaparinux agreement:
Dr Reddy?s pays ACL a royalty on sales at an agreed
proportion. We assume this is equivalent to 20%
This seems likely to be an underestimate to me. Alchemia is getting a profit share equivalent to a 30-35% royalty on US sales, so why would they have accepted less in Europe? Arguably they were in a much stronger bargaining position there.
rbs rating update, page-5
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