An outright buy on a single drug is essentially a licensing deal...

An outright buy on a single drug is essentially a licensing deal consisting of an upfront payment without any milestone and royalty payments. What price would you put on Vaxinia? Do you think someone would be willing to pay that or is it more likely they would offer that for the whole company or seek to defer some risk by doing a licensing deal with a smaller upfront payment with royalties and later they can still acquire the company once the drug and the risk is removed.

At this stage I too think it more likely we’ll see licensing rather than a takeover however in the medium term, however I think LCs response to a question at one of the road show events about where she saw herself in 3 years sums up the most likely eventual outcome. (The response was that she would like to be running IMU 2.0, i.e. a new company after IMU was taken over.)