Ann: PAR Reports Successful Phase 2 Clinical Trial, page-20

Valueinvestor123,

I am not sure it is correct to say "which Lilly Paid Pfizer $US1.8bn" for - that's quite misleading. 

In terms of the complexion of the deal... Only $200m has been "paid". note it was also in 2013 ish - highlights the time it takes to commercialise from where PAR arrested at.

So specifically out of the $1.8b headline you quoted above:

Only $200 million has been paid being the upfront, the bulk of the deal is backended being another $350 million in regulatory milestones and $1.23 billion in sales milestones.

Regardless, point well made about the high placebo; however they're still putting gloss on the results.  It's a bit disingenuous to say "we havent had time to look at the averages yet", when they reported them during the trial on an unblinded basis.  If they reported results in the table format you provided or said all groups avg placebo 35% iPPS: X% there would be no criticism.

As a side note was the primary end point agreed with the FDA in advance? If so, what was that definition? I can't locate it on clinicaltrials.gov under paradigm or iPPS.

Thanks