Biotechnology Value Fund, L.P. Message Board

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Biotech / Medical : Biotechnology Value Fund, L.P.

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To: Biotech Jim who wrote (288)	10/4/1998 9:32:00 PM
From: rkrw	Read Replies (2) of 4974

Jim, I'm a bit confused by your remarks regarding MLNM. The deal is not back-loaded. Rough figures are for $130M upfront, plus roughly $50M per year for the next 6 years. Annual payments are research payments plus payments for targets delivered. I am assuming that target delivery will not be a problem. So the deal is not structured at all on back end fees such as IND filings, NDA approvals etc and it includes standard royalties. For a good example of a back-loaded deal, I'd consider the GLFD/AMGN deal. Interesting that Lampert cites the MLNM deal as being this way, yet GLFD (a major holding of his) is a prime example, considering they need 15 indication approvals to reach the full allotment. Factor in a questionable patent standing to the equation as well.

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