Chart, page-2396

IMHO PAR Share Price ultimately depends almost entirely on what instos think the NPV of an OA license with pharma is worth. What seems certain is that there will be three players at the negotiating table; bene, pharma and PAR. I disagree with Mister Mister that IP is essential for pharma because the exclusive supply agreement means all three will have an interest in getting a license deal done, HOWEVER it also means the terms will be mainly negotiated between bene and pharma. PAR will no doubt have a say and derive substantial value from whatever bene and pharma agree, but its anybody's guess how much that will be. In any event, serious negotiation with pharma seems unlikely until we at least have a successful OA P3 launch, so getting this done must be Rennie's priority #1, #2 and #3. EVERYTHING else must be subordinate. My exposure is modest, so I remain HOLD, but the 1992 Cullis-Hill, Ghosh patent has convinced me that pharma will give no meaningful value to PAR's OA patents. Others will no doubt disagree, but for me, it is the exclusive supply agreement with bene that has potentially great value for PAR, end of story. Forecasting future SP is a total waste of time IMO. could be anything.