The deal will likely be structured. AS has plenty of cash and will be able to make a compelling licensing offer since a large portion of the payout will be royalties and sales milestones (no risk or upfront burden).
Where AS might not be able to compete is a buyout scenario for all of Brilacidin or the whole company. A Pfizer could write a check for $500 million or more upfront. AS likely could not.
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