350 patient phase 3 started in Nov 2015 so they are probably fairly far along.

20M upfront + 43M milestones to approval + $230M in sales milestones + tiered double digit royalties.

Any idea what size market this deal is based on Boo? 72 million procedures a year is all I see regarding the commercial opportunity on the company website. It seems like they're giving up a lot considering they're halfway through phase 3 if it's not a sub-billion dollar market.

Also, this appears to be a reformulation of an anesthetic discovered in 1957. A time-released gel if I understand correctly so perhaps the market is for the delivery system/formulation and is worth less than a novel drug.

So if we can put a pin on that market opportunity it will put things in better perspective. If the TAM is $400M/year this is a pretty nice deal. If it's $2B/year it may not be so hot.