Ann: Race to present at IRD Invest virtual, investor conference, page-49

It seemed pretty clear from the verbal discussion in the presentation that the focus is on a transaction.

In 2015, 69% of big pharma pipelines came from in-licensing or acquisitions.

https://www.mckinsey.com/~/media/Mc...y/The-next-wave-of-innovation-in-oncology.pdf




Assuming a positive trials outcome suitable for a transaction, what's the implied probability of the type of deal we could see if we take industry trends as a guide:

1. Probability of an out-licensing transaction = 16% / 69% = 23.2%
2. Probability of a buyout transaction = 53% / 69% = 76.8%

In Scenario #1 RACE would receive revenue royalties on sales, with a partner handling direct distribution and sales. Scenario #2 is a takeover of RACE.