technical picture only, page-16

Hi Mak

Righto, ......Tigers arghhhh!!!!!!! Our mortal enemies

Figure 2 Key parameters for valuing TPM from the report

Left to right expected %, Best %, Upfronts and Milestones Expected,Upfronts and Milestones Best all in USD

Insulin 10% 13% 100 200
Oxycodone 10% 13% 100 200
Diclofenac 8% 10% 50 100
Lidocaine 8% 10% 50 100
Tretinoin 8% 10% 25 50

Your right though they did go onto to depict varying deals with upfronts from 10 to 250m

What Harry said was the more you get up front the less you get in % form sales, so he wants less up front, bigger in milestones and a % that both sides are happy with

But in the scale of things, it is all big big big as you have said

Go Blues!!!