There is no need to physically own something to write (sell)...

There is no need to physically own something to write (sell) options for it. You are merely agreeing to deliver the underlying if you sell a call or buy the underlying if you sell a put.

GSK has the ability to deliver the product so they can write calls. There is no need for them to share with Biota.

Saying that, as the other poster said, I do hope Biota learn from this and get the opportunity to take it into account on a new contract for a new product.

Thunderbird. I have read some analyst reports that say Relenza patent expires 2011-2013. All the actual information I've found, like I linked, points to 2013, but I guess it could be possible it expires in 2011 somewhere.

I am much more used to US companies and their full disclosure, where patent information and contract details are all made readily available. It seems there is little concern for individual investors in Australia. Though I guess we could just get on the phone to Biota.