So if I'm understanding it correctly, it looks like if/when Zenith Newco goes public, we will only get ~one share for every three that we currently own.

If that's true, it doesn't look like an attractive deal to me. Two-thirds of our Zenith asset value would be totally dependent on the success of RVX-208. And if Zenith does eventually get royalties, who knows if/how/when we would see it. And folks have to remember that RVX-208 success is far from guaranteed.

I don't buy into this idea of protection from dilution of the RVX royalties in an IPO. It would be minor protection IMO. The number of IPO shares should be a small percentage of the > 100 million shares already outstanding. I'd gladly take that dilution rather than lose 2/3 of my shares in an IPO.

And I don't buy that 2/3 of the value of Zenith is the POTENTIAL royalties from RVX. Zenith's current and future pipeline is only worth 1/3?

JMO.