Yet another valuation sign-post in the world of later-stage deals. And this time the currency is geography.
In May 2003, two months after GW Pharmaceuticals PLC submitted cannabis-based medicinal extract (Sativex) for approval in the UK,...
GW/Bayer: Sharing Value
In its late-stage licensing deal with GW Pharmaceuticals for Sativex, Bayer accepted UK-only rights, and will share the product's value equally with GW. This unusual agreement largely reflects the particular nature of the product. But it also shows that, at least in some situations, biotechs can still partner out their jewels without giving away too much value.
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