I think our mgmt. will be pushing hard for as much upfront as...

I think our mgmt. will be pushing hard for as much upfront as possible and don't expect the upfront to be small, in fact id be very annoyed if it wasn't at minimum close to our current MC. Ive been involved in private biotech acquisitions which are far inferior to this with much lighter end market sizes and the upfront was still comparable to that quoted in the BP report.

Make no mistake this will be a very large deal, with a large upfront and back ended milestones to form a bill + deal. You only have to look at M/A activity from last year to see that large upfronts are not unusual and should come in around 20% of the total deal package.

Spinifex from memory was the largest previous aussie biotech deal for around $800 mill USD I think and I am confident Treagus will create a new record.