@dansfera: Ever wonder why you see headlines about biopharma deals worth millions, only to realize that money isn't hitting the company’s bank account all at once? Think of a licensing agreement like a ladder. A smaller company lands a contract, but that headline-grabbing maximum deal value is just a collection of possibilities. They get an upfront payment—usually just a fraction of the total—and the rest stays locked behind specific milestones. Phase 3 trials, regulatory approvals, and sales targets are the rungs they have to climb to actually earn those payments. It’s a game of long-term potential versus immediate cash. #biotech #pharma #businessexplained #licensing #investing

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Monday 14 September 2026 11:21:22 GMT