If there is an agreement made before pIIa, which it appears this...

If there is an agreement made before pIIa, which it appears this is what management are working towards with the unnamed pharma, I think Mipomersen comparison is unsuitable due to different development stage. Could this be more realistic:

http://ir.isispharm.com/phoenix.zhtml?c=222170&p=irol-newsArticle&ID=1644554&highlight=

Biogen Idec and Isis Pharmaceuticals Announce Global Collaboration for Antisense Program Targeting Spinal Muscular Atrophy

"Under the terms of the agreement, Isis will receive an upfront payment of $29 million and is eligible to receive up to $45 million in milestone payments associated with the clinical development of ISIS-SMNRx prior to licensing. Biogen Idec has the option to license ISIS-SMNRx until completion of the first successful Phase 2/3 trial. Isis could receive up to another $225 million in a license fee and regulatory milestone payments. In addition, Isis will receive double-digit royalties on sales of ISIS-SMNRx. Isis will be responsible for global development of ISIS-SMNRx through the completion of Phase 2/3 registrational clinical trials, with Biogen Idec providing advice on the clinical trial design and regulatory strategy. If Biogen Idec exercises its option, it will assume global development, regulatory and commercialization responsibilities."

I'm also not convinced that Pfizer is the pharma, as the release mentioned that there is more than one that they are in discussion with and so my interpretation of this is that the Somavert patent is totally separate and unrelated to the potential collaboration.