Madhu Kumar: Okay. And then in terms of corporate development, you guys you guys have a really impressive rate of deleveraging. I guess as we think about future corporate development, will it be kind of like Zymeworks where it’s kind of the partnering kind of pulling out individual assets or how you may like outright acquisitions like GW? How should we think about that on the forward?
Renée Galá: Yes, I’m happy to talk about…
Bruce Cozadd: Yes, Renée, why don’t you talk about the breadth of approaches? Yes. Great.
Renée Galá: Yes. Sorry about that. Yes. So as I’ve said, corporate development will continue to be important for us and as I step back and think about the opportunity, the strength of our cash flow, we generated over $930 million of operating cash in the first nine months. The fact that we de-levered two full turns €“ and we did that through both paying down debt. We paid down over $1 billion of debt since closing the deal, and we increased our adjusted EBITDA by more than $400 million, which is 30% — north of 30%, which means it places us in a really opportunistic position to be able to have the ability to transact at a lot of different levels. With greater EBITDA, we have greater capacity should we decide that we want to do something on a larger scale.
But when we look at our business today, we think that we can continue to do transactions like the ones we did in Q2 with Werewolf and Sumitomo, two assets early in the pipeline that we’re quite excited about. The Zani deal as well being very close to pivotal data, a transaction that we think has meaningful potential to create value over time. And then looking at the strength of our cash flow, combined with our expanded capabilities across all aspects now and stage of our pipeline, including research capabilities, really opens up a lot of opportunity and optionality for us as we look forward. We are primarily focused in neuro and onc. We do look at other areas opportunistically. And within that, we tend to be technology agnostic, meaning between smaller large molecules and really focus on where we think we could have the biggest impact for patients and then also for our shareholders.
Bruce Cozadd: Operator?
Operator: Our next question comes from Balaji Prasad with Barclays.
Unidentified Analyst: Good afternoon. This is Joe for Balaji. Thanks for taking our question. Just a quick one on the Zani deal. We know that the optionality for continued will be based on the BTC pivotal readout thinking that the BTC is a relatively small market and a bigger portion of the revenue would likely to be from other indications like GEA and breast cancer. I’m just wondering, is there anything you would like to highlight in terms of the — in terms of the risk through from the BTC pivotal data for the rest of the indications like GEA and breast cancer that Jazz find interesting? Is timing of factor here? Thank you so much.
Bruce Cozadd: Yes. Maybe Rob, I’ll ask you to talk about what we think we’ll learn in the near term and how we’re thinking about the broader opportunity set.
Rob Iannone: Sure, Bruce. Happy to. What I would say before I answered the question directly is I’ve been impressed with the broad activity of this drug across really any tumors types that express HER2 and even in cases where patients have progressed after HER2 therapy. And so I think that speaks to the promise, both in gastric and BTC and then I would say beyond. And we’re doing additional studies in breast cancer and colorectal cancer, et cetera. What we’ll see at the BTC readout is going to give us a sense of whether we’ll have that near-term opportunity to file with BTC. And that’s potentially important just even beyond the specific indication. Remember, if we get approval in a relatively small indication, such as BTC, the next submission would be a supplemental.
