A good question. A reasonable starting point is to look at Ruxolitnib, again. In the GvHD indication, Incyte entered into an agreement with Eli Lilly in March 2016 to acquire the rights to develop and commercialise Ruxolitnib for GvHD. This was via a US$35 million upfront payment, and US$40 million in additional milestone payments. But interestingly, no royalty payments. This relates to a peculiarity of the relationship between Lilly and Incyte, where Lilly acquired the rights to essentially a different subset of the Incyte products in 2009, but had non-compete clause for Ruxolitnib. The US$75M was to buy-out this clause, so doesn't properly reflect the value of the indication, as Lilly never really were going to pursue it.
What IS interesting, is what Incyte did next - they licensed the non-US rights to Novartis, who they also had a relationship with since 2009. The Novartis Ruxolitnib agreement involves enormous payments, however they do elaborate on the GvHD specific payments, being:
They paid US$75M for the worldwide rights, and got back US$75M for the ex-US rights. So they basically got the US for free! But it gets even better, as Incyte are eligible "to receive tiered, double-digit royalties ranging from the upper-teens to the mid-twenties on future JAKAVI net sales outside of the United States"
So Ruxolitnib as a GvHD treatment was worth US$75 million in milestone payments (recall this was prior to the Phase 2 trial commencing), PLUS upper-teen to mid-twenties (15-25%) royalties. For the ex-US rights.
Do your own research, but if the treatment gives as good results as it did in the Phase 1 then the upfront payment could be unfathomably large. Like, double the current market cap large. Also consider that CYP-001 isn't designed to be used for just GvHD. It is Cynata's intravenous treatment, and there are many, many conditions that require intravenous treatment (renal transplantation, asthma, sepsis for example). So CYP-001 by itself could be very, very large.
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