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Any guess on the size of the initial investment vs royalty percentage they could be discussing?

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Your first sentence could be one deal:

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Outside US partner would be great, we keep the US market for free.

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Many do that: Sell/license ex-US first EU + CN + ..
Each could give nice upfront and still secure 10-20% royalties on sales.

For the US, well - CYDY would like to have a similar deal, good upfront payment and same 10-20% royalties on sales.
But then, if a potent BP drives it, a little less royalty could mean much more.

We experienced the opposite for KTOV lately .. a nice profit royalty of 22.5% but w/o (big) upfront and an unknown new pharma just about to IPO (o8>
The market result was horrible and they needed to pump SP w/ Sabby and fluffy news to make an offering above $1.50, hence the correction now.

For CYDY this means: US and EU could be min 10% royalties, each around $200M combo and $700M mono (depending on model) and probably a 1-3x upfront of annual sales!
Saw a 1-2x upfront from Grunenthal of a boring Combo painkiller drug for EU rights - KTOV DD (o8>
All depends on negotiations, but these prices have been realized before.

TBH .. these numbers are so high, that a buyout seems to be more sensible.