I don’t think Leo is playing hardball. B-UP was completed in mid-July. BPs won’t start negotiating until they receive complete data. Let’s say it took one month for Leo to get the final data and another month to do the clinical study report. Then we are looking at mid-September as the start of negotiations.

Base on my past observations, it took at least six months to complete a deal. That’s why I said I don’t expect a deal until Q2 the earliest. There are many moving parts involved during negoations. BP’s M&A team isn’t just talking to IPIX and IPIX has more than one BP interested in B. So there are lots of back and forth between the two sides. Don’t forget, lawyers are involved also and we know how “fast” they work.

Same for B-OM. The trial was completed in mid-December and secondary endpoint was received in early January. Let’s hope the CSR is finished so negotations are ongoing. Q3 for a B-OM deal is my expectation. Leo, please prove me wrong.