If PAA are able to find a new partner in the next couple of months, would likely end up in a better position moving forward.
The big question raised is whether it is a priorities change on Elancos end as PAA have suggested, or whether they have lost confidence.
Also the strength of PAA's negotiating position now is questionable.. we don't know how much interest there is in partnering to develop this product.
It's all about the uncertainty - range of possible outcomes is alot greater now.
Ann: Elanco Option Update, page-96
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