my understanding is the net sales number is US$220 to get the US$50m in the calendar year.
The US$25m has already been achieved. if they miss on calendar year the milestone is just deferred to the next... so technically they should eventually hit, if (and a big if) they can grow net sales (ie by growing market and/or taking market share)...
What i am not clear on is the figure - global sales or just US sales - would have to go back to the presentation to double check... i think it is only US sales
The market pricing reflects 0% chance of ever hitting the US$220 hurdle for the milestone payment... because if it did achieve that level of net sales - the associate royalties would value this firm well above $1 stand alone
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