Also note recent RA deals in the market place-
Partner/Developer Stage Upfront Milestones
BMS/Alder IIa $85m $964m
Eli Lilly/Incyte IIa $90m $665m
AstraZeneca/Rigel IIb $1,100m $1,100m
Plus additional undisclosed double digit royalties were also paid.
Then consider that most takeovers in the biotech market occur soon after Phase 2 results.