lilly to acquire global license to axiron, page-28

Hardoak - "The royalty stream at 20% is seriously big .Asuming axiron sell product for $500 million per year the royalty stream for acr is 100 million per year not a bad annuity i would have to say.Lets get the poorly informed sellers from bailleaus out the way and off to the races we go."
Can you tell me where the 20% comes from please? Deals at this stage are typically earning 16% so I'm keen to know the source. Also I think you need sellers in order to go to the races :)

Any idea on what sort of royalty would be paid - surely they would only return a small amount of the cash to investors?