Goodpoints about % royalties . What's interesting is that percent royalties seem low but buyout premiums by the partner as a % of sales seem to have gone up sometimes 10x versus 2-3x in the past. What this essentially does is encourage the biotech to sell out to the BP since say 20% (4 bil) of conservative 20 bil peak sales (being conservative here) could resulti n a 40 bil buyout. In that scenario, it makes more sense for the biotech to sell out to the BP for 10x (40 bil?, 30 a share?) now and have the management team go join, create the next CYDY's.

The negative of this is without smaller companies becoming BPs like in the 20th century, BP power will now get consolodated and more powerful over time like Big Tech.but with the additional benefit of FDA protection.

Just my thoughts and ramblings.