Surprised the share price hasn't moved more - imo it looks to be...

Surprised the share price hasn't moved more - imo it looks to be a massive deal and should significantly de-risk MSB in the eyes of analysts and result in a huge re-rating

My summary of the deal
1. $50 mill upfront (25 + 25)
2. $505 million pre-commercialisation - a % of that could come very early if next COVID interim recommends termination due to overwhelming efficacy having been reached
3. Double digit royalties + $750 million of milestone payments
4. MSB to supply cells to NVS at commercial terms (additional ongoing revenue beyond just royalties) + $50 million for implementation fo 3d bioreactors AND fully funded capacity expansion as required
5. fully funded phase 3 clinical trials for ARDS as required - I expect this will be multiple phase 3 trials to cover all the major markets rather than a single trial - ie hundreds of millions of cost
6. NVS has option to pursue non-japan GVHD - would expect this to trigger additional milestones + double digit royalties
7. Non-respiratory remestemcel indications - co-funding for 50:50 profit share (presumably this would trigger a side deal of MSB supplying cells at commercial rates ie more revenue). I believe this means NVS will end up being the commercial partner for refractory inflammatory bowel diseases ie crohns & ulcerative colitis

Anyone want to have a go at determining what level of sales NVS would need to project to justify this deal? -555 million pre-commercialisation of ARDS + 50 for 3D bioreactors + capacity expansion for cells + double digit royalties + up to 750 million of sales milestones? Work that out and we have an idea of the royalty revenue stream and hence potential market cap....

Given how little coverage of what MSB is doing for covid there has been in the media, looking forward to seeing the additional coverage now that we have a mainstream partner