Ann: Anti-Infective Portfolio Update and Webinar details, page-25

The valuation part of the presentation seemed surprising to the low side... A comparative antibiotic - not an anti infective mind you, but still - went through phase 3 and struck a deal worth $150m up front bullet with various bullet payments of $25m for sales targets reached. If that was all we could expect, it would be hard to justify a valuation much above the $25m usd floated in the case study... I was always expecting a larger chunk to be retained by recce.... I thought that was weird and underwhelming and confusing... Noting that recce has production capability, how should one think about the 'tax' paid in distribution and sales networks and a reasonable way to think about valuation?