However, the relatively recent deals (GILD and Sch

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However, the relatively recent deals (GILD and Scholar Rock, for example) are worth large amounts up front and in milestones (e.g. ~$80mm between cash and common stock purchase up front, up to $1.5b overall) but relatively paltry royalties (single to low double digits).

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In that deal GILD would be doing all development and commercialization. It's not a deal we could even afford to do unless the other BP took over our royalties.

With the potential to be made in NASH, Scholar Rock still sold out cheap. Unfortunately for GILD our drug does what Scholar Rock's does (inhibit TGFβ1) and more.