“People forget that a phase one medicine, you've already spent...

“People forget that a phase one medicine, you've already spent hundreds of millions getting to this point, has a 90% chance of failure. Even a phase three medicine, you could be two or $3 billion invested, has a 35% chance of failure, and that's not good for patients, it's not good for caregivers. It's not good for companies or investors and so we want to improve our probability of success by making sure that we've got the drug right first time. We don't have to iterate, we can move and we can do something incredible for everybody”.

>>>>Paul Hudson quote from Sanofi in a Barrons article just published… for us all to be mindful of and implications of where we are and where we have come from …>>>>

in my view - Mr Market has not yet realised our value in IMUs current state or soon to be future state (hopefully).