williamc, I agree with “The easiest answer is they are still in negotiations”. I am less certain though that Leo will announce a Term Sheet prior to PRing a deal. Last year’s June Term Sheet was not announced prior to it showing up in the financials months later and it is uncertain what the circumstances were to announce the Alfasigma Term Sheet prior to the deal. Every Big Pharma is different regarding how they approach negotiations and announcements. Leo may possibly announce a B-OM Term Sheet but my guess is that the more likely scenario is that there is already one in place and that Leo skips a Term Sheet announcement and goes directly to announcing the BP partnership deal for B-OM when it is finalized. This could happen anytime after the shareholders meeting or sometime before the meeting as soon as this coming Monday. Only Leo and Dr. B know the timing. JMHO