There are many instances where a pharmaceutical company has taken over, or partnered, on the basis of initial evidence even at the preclinical stage. Have a quick read of fiercebiotech. You could say that Viralytics Cavatak wasn’t really proven but still had a good TO premium.
But I hope that IMU doesn’t go down that route, there’s much more potential value in longer term licensing as and when there’s proper evidence of efficacy.
Paul Hopper has done it again!, page-4
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