Leo probably has a deal for B he would go with if

Leo probably has a deal for B he would go with if P is a failure. I thinking it could be $100M for each trial on average, 50% share in royalties, maybe CVRs as bonuses for completing milestones. If P is wildly successful then a BO is in play $5B to $15B for the Co. If P is ok on PAR with Otezla, then $200M for PIII trial, CVRs, 50% royalties, or BO $5-$8B. If P is sub Otezla, but is preferred because of safety over biologics and efficacy is decent then the deal would be like the B deals mentioned above. That’s might take. Non-domestic deals are also possible where IPIX keeps N America or with some combination on the above possibilities.