Honing in, page-51

I think you are looking at an equity stake the wrong way - they are usually at the heart of much larger deals & if you look across the whole spectrum many of the better deals to date have been those that have included an equity but always much above current price and usually a value commensurate with the vision of the where the deal may lead - the company wouldn't be handing out a below market price they would be naming the price. FWIW if Janssen had succeeded past the first target & taken the option to expand that deal to up to 10 targets I guarantee that would of included an equity stake if that option was exercised.