Accugrowth: 11.5 million is not the number for Premiplex!!! Read on...
Lewis said, "Within that license agreement, and as we disclosed in our 10-K this morning, there was already a buydown option for a portion of the royalty. We have now extended an option to them to buy down the entirety of the royalty for IPLEX."
So, Shire has been extended an option to buy-down the entire royalty from Insmed. Premacure couldn't afford that option. What's the number? Neither Lewis nor the 10-K reveals it. Interesting and easy to confuse the details of this deal. What he said next about the Shire hire was pretty much meaningless CEO-speak.
I could be reading it wrong, but the Premacure buydown covers royalties that Insmed would owe to 3rd Parties, and lewis referred to it as a buydown for a portion of the royalty. Now a complete buydown has been offered.