The spin, may be this may be googly for you or may go over your head
The global model for biotech commercialisation is to out-license the technology to Big Pharma in Phase 1b/2 trials • Conducting Phase 3 trials, obtaining FDA approval for the product not within the remit of biotech • Out-licensing is highly dependent upon demonstrating safety in Phase 1 and convincing signals of efficacy in Phase 1b/2 • Licensing deals are generally structured with an up-front cash payment, payments upon reaching certain development milestones such as entering Phase 3 trials, payment on FDA approval of the drug, and royalties on net sales when the drug is on the market
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