Hey Wayne,
Was a little surprised that any prospective deals may include an equity component. Cannot imagine any equity held by of the big Pharma's would be viewed favourably by the others. Would have thought independence would be a big plus in PYC's favour. It is curious NW flagged the possibility. Guess the equity may be from some 3rd party though.
Should say my knowledge of Pharma's is limited to Panadol v Nurofen for kids.
Rgds
KMS
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