takeover, page-45

Look at Celgene in August and the option taken in Acetylon for $100M on ACY-1215 still in Phase I because it was shown to work synergistically with Revlimid, Pomalyst & didn't raise toxic profile further.

$100M payment up-front to secure the option then $1.7B if they decide to take up that option at a later date.

Yes but Celgene invested $15mill in Acetylon in early 2012 and was given a board seat at that time, so it took a good 18 months before they offered to bankroll the further research and option to buy it out. And it is subject to $850mill in sales if it manages to get through all the clinical testing successfully so they are still looking years ahead of now.

There are of course rare exceptions, but for the majority of takeovers of this nature it does not happen in Phase 1 and not very often in Phase 2 either. On this basis I don't believe PAB are a takeover taget anytime soon which is what we were discussing.