I am having trouble with understanding the benefits of Rights of First Negotiation. If I was holding a drug that performed well in a targeted revenue indications of over $40B I certainly would not take the first offer made regardless of how good I thought it was.

I have always thought Rights of Last Refusal were so much more important in that I could always outbid the best offer made to secure a drug I wanted dearly.

I know I am missing something, just don't know what it is.

Also, I have always thought that Novartis are snakes in the grass and not someone I would want as our main partner for such a large portion of our revenues. Again, I may be totally off on this but that's my take on the matter.