Hesk: A spinoff is one of a few possibles.
Another is where Janssen licence a peptide/peptides for the clinic.
Still another could see other areas of Janssen build collaborations with PYC(refer to the following post):
http://hotcopper.com.au/post_threadview.asp?fid=1&tid=2155899&msgno=10152926#10152926.
I think any of those three possibles would make Phylogica glow.
peace: Seattle Genetics in the ADC space, is attracting bulk business from pharma but they haven't been acquired.
SoT
going intracellular, page-6
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