ballpark valuation, page-47

If you really want to break down the Pfizer deal with Excaliard which i personally still think is miles apart - diferent drugs, different targets & Excaliard having released positive data on their PhaseII trials (which did commence a little under 2 years ago) - but the structure of the deal is pretty much in line with most big pharmas agreements reached at that stage. A little up-front & more to gain further down the path as risk dissappears & the drug proves its validaty.

While no figures where directly released & remain confidential we can use assumptions of what is known - ISIS's equity stake in Excaliard was 10% or a little under, adjust the deal terms using 10% & then i guess you can assume it is slightly higher. All in all though pretty standard deal terms with royalties to add later provided the drug ever gets to market.

ISIS takes $4.4M up front = $44M Excaliard up front

ISIS has a further $9.6M potentially based on milestones.

Total 10% would equate to $14M - $140M for Excaliard

So up to IIb Pfizers put $44M on progress to date
- the rest is wait & see.

*** of course with no official figures released the assumptions could be a bit out but using what is publicly available it seems to paint a pretty standard picture.

> Just remember that is based on Excaliard's deal which is post Phase II & really has very little relevance to ANP apart from the ISIS link.