I am entirely confident that there will be a deal because the...

I am entirely confident that there will be a deal because the drug looks so good and everyone knows the company has to make a deal to survive, so there is not going to be any silly coyness or hard-nosed posturing. For that reason, also, I don't think the process will take as long as some fear.

The weakness of AdAlta's position might normally mean that the deal wouldn't be a good one from our point of view. But AD214 is so promising in a range of fibrotic diseases that there is likely to be a bit of bidding as between the "suitors" themselves. So it may not end up being too bad an outcome.