Absolutely, IPIX is incorporated in NV which has n

Absolutely, IPIX is incorporated in NV which has no additional corporate tax for businesses. With recent tax law IPIX pays 21%. In Ireland with a subsidiary, they would pay between 0-2 percent depending on area which means much less taxes upon partnering. For example, an upfront cash payment of 100 million would cost them 21 million in NV or roughly 2 years operating expenses. That same payment over in Ireland cost them 2 million maybe and leaves us 98 million to further our pipeline. This is a genius move hence by Leo and a big reason why there are so many big pharmas with subsidiaries here. Just for S and G’s that same amount would cost them about 29 million if he was incorporated in MA, which is why they are not.