Lets hope PAR structures the deal in such as way so they get an...

Lets hope PAR structures the deal in such as way so they get an upfront payment that is unconditional. A 25 mill upfront payment is definitely possible for a licensing deal involving MPS. I remember saying 6 months ago that I felt we could get a 1b licensing deal if iPPS can help extend the patent life for biomarins Enzyme Replacement Therapies, which brings in 500 million per annum, but for which patent protection has or is about to run out, and for the FDA to recognise iPPS and ERT as the new standard of care. I'd also expect generics for ERTs to start flooding the market in the next 3 years, so biomarin will be under the pump to protect their leading assets. PAR will struggle to deliver the MPS program in a timeframe that'll be suitable for biomarin, so biomarin will probably also take over clinical trial and product registration duties as well.