RVX OT, all HL needs to do is give notice of termination of the agreement one day before the expiration of the agreement and money will be refunded. Then the next day they enter into a new agreement should they choose to if agreed upon by RVX. Perhaps RVX may ask $18M next time around for the ROFR. :o)  ....  I really don't see it be more complicated than that. 

And this is not a multi-billion transaction. This deal has to be less than 25% of RVX's MC according to the NR. This is only for the USA rights to develop, manufacture and commercialize products containing apabetalone. ( If MC is $500M....so 25% comes to $125M) Not a good deal as I see it, assuming my understanding is correct. It reads as follows:

"The Agreement may be considered a related party transaction within the meaning of applicable securities laws as Hepalink USA’s parent company is an insider of the Company. The Agreement would be exempt from the formal valuation and minority approval requirements applicable to related party transactions on the basis that the value of the transaction is less than 25 percent of the Company's market capitalization. All of the directors approved the Agreement, other than Mr. Shawn Lu, who declared his interest in the Agreement as an officer of Hepalink USA, and accordingly, abstained from approving the Agreement."

After sixty days ( from the date of the agreement) either party can terminate the agreement. So if  RVX does not offer the USA license up for sale in any which way to allow  HL to exercise the ROFR agreement, then the fee is refundable upon termination of the agreement. Or if a deal is struck with a third party and HL does not exercise the ROFR funds will be refunded in whole or in part. But we still don't know the fine print, so I would agree this is all conjecture on our part. Doodling on the Hub, so to speak. 

BTW: "Option vs. Right of First Refusal...An option is a right to purchase property at a set price for a fixed period of time, whereas a right of first refusal is a right to purchase property only if it is offered for sale in the future."

IMO...Koo