take over, page-8

AZR thought they got a good deal for the royalty stream & event risk on the clawback for 17, MGX publicly thought that the royalty stream alone was worth about 10. So presumably their private valuation of the roylaty was pretty close to AZRs, but MGX were happy to grandstand on the issue

I admit that I wasn't happy about the clawback clause, but the end negotiation was a good outcome to extinguish both royalty & clawback.

We have no idea of the AZR NPV mechanics - quite rightly they'll never publish their internal view of the transaction. All we get to see is the outcome of the negotitaions.