i TU'ed your post & i guess i should clarify a bit my point that it's fair to assume if a further 3 deals the size of Janssen are secured over the next 12 months (which I'm actually not very convinced is possible based on historical peformance) then the sp. is likely to be well above 5.3c - there's a few contingency factors tied to that - firstly and probably the key factor is management needs greater transparency to market - yes they are only "potential" milestones but how different do you think markey response & interest would of been if on the deal being signed the market release stated $180M in milestones on the first target with the option to expand the deal to 10 targets with $1.8 Billion in milestone payments ? ? - the best management were able to release in this case was 1 target with the option to expand to 10 & milestones on par with existing collaborations. Secondly i guess is while yes we already have 4 of the Top 10 pharmaceutical companies signed ink to paper it's hard to imagine other serious bio investors wouldn't take note if that jumped to 7 of the Top 10 big pharma.
We'll see but i really do think management need to negotiate better terms with future & existing partners on their ability to deliver a greater window of transparency to both shareholders & market while still respecting the high levels of confidentiality.
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