Yep Galapagos are great & it's certainly somewhere to look for where the future of PYC may head, they've had the hybrid busines model since just prior to 2000 the same model PYC now has approaching 3 years. Galapagos spent significant capital to get that point & few strategic aquisitions but they're paying off now with revenues $100-$150M pa. I think PYC will follow overtime & little doubt that management are picking up the pointers, while PYC currently look at low to mid single digit royalties Galapagos have progressed to double digit so certainly something that would be nice to see in the future. All going to plan i think 2014 has the potential to be standing on level ground, still a very speculative assumption though.
PYC Price at posting:
4.5¢ Sentiment: None Disclosure: Held
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