Apr. 6 at 11:53 PM
$GSK would essentially be buying back the milestones and royalties it expects to owe
$SPRO going out to 2041. If that number is
$2-3 billion over the life of tebi -- perhaps spending 1/3rd of that amount today is worth it from a DCF perspective (and controlling a blockbuster drug)
Similar to how GSK bought back the royalty stream it owed to
$TBPH for Trelegy ... I think they paid
$225 million in July 2025 for whatever royalties (the so-called "out years" in 2030/2031+) hadn't already been sold to
$RPRX back in 2021
