If you are referring to RGS/AGC collaboration, it's not really a licensing agreement, but rather the creation of a JV. If the JV then licences out to third parties, it's another story. But as it stands, the current deal is not a "licensing setup" IMO.
However, the AGC upfront payments are a great way to create value for shareholders.
Ann: Appendix 3Y Change of Director's Interest Notice, page-7
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