Yep he did use exponential repeatedly - lets hope it's on the...

Yep he did use exponential repeatedly - lets hope it's on the money.

Only thing is though we have to remember the big figures might come in the making of deals but it doesn't mean they are guaranteed to eventuate, it's the potential sum over time & as we all know the world of drug discovery is a long process so in reality provided any deals travel the full course to market then it could be 10 years before some/any of these return the full sum of "potential milestones". Although over that time there will be kickers as milestones are met & more than likely the company will be taken over long before any even get close to the full 10 years of discovery to market. I think it's the main reason why the market won't rerate phylogica even on current deal sizes & the sums attached - they want to see some being met first. Unfortunately statistics on companies recouping the full amount outlined in many of these type of deals are fairly poor - no doubt some pay handsomely but i think it's heavily outweighed by partnerships that finish early having seeing very little of the inital sums.

All in time & first candidate that gets out of lab & into clinic will start to set the pace. My guess is Roche > first in lab > first advancement > first in clinic.

PS - Roche was 24 months ago leading into Xmas :-)