twist in the tail, page-5

the most obvious solution to a timing issue around cashflows would be to enter into a deal with Dr Reddy's to pay an amount (say $10 million) in advance of their contractual obligations, in exchange for providing Dr Reddy with a discount.

ie. $10 million today in exchange for the first $12 million of future royalty obligations.

This should be quite straightforward math for Dr Reddy. If the discount offered by ACL is greater than Dr Reddy's cost of debt, then Dr Reddy is a winner.