I can understand why a major deal hasn't been made just yet...

I can understand why a major deal hasn't been made just yet since PAR are 3-4 years out from NDA submission and anything can happen in that time frame. PAR also doesn't have the requisite experience to bring a product to market and are almost exclusively dependent on external consultants, so it'll be very risky for anyone to sign such a major deal with PAR at the moment.

Take MPS for example, PAR were in a position to demand approx 50k for a treatment cycle but IMO can only demand a fraction of that now due to how they've structured it.

PAR seem to think they have all the time in the world, seemingly unaware that their competitors are monitoring everything they're doing, some of whom may also be aware of what is in the dataroom. There is a real possibility that Novartis will get approval before PAR does since PAR doesn't seem to be fully focused on OA, but instead are spreading their focus elsewhere and across other programs, which is another risk.

There is no question that iPPS has generated impressive results to date for OA, but serious questions remain around whether PAR will be able to get it over the line.