Ann: Starpharma and Medicxi Partnership Petalion Therapeutics, page-11

"if successful" and "potential" .... we could own 22.5% of diddly squat years down the track but hey get excited as they start yet another research collaboration with no upfront financial payments to Starpharma save and except some 'research fees' charged along the way - that's worked out a real treat as Merck went elsewhere committing up to $22 billion for ADCs with a competitor after spending the better part of 3 years doing exactly the same thing ... it could literally be years away and fail to materialise commercially