Pablo Legorreta: Sure, Steve. Good questions. Marshall, why don’t you take those?
Marshall Urist: Sure. Thanks, Steve. Good morning. So on GSK and Trelegy, thanks for highlighting that. We are excited to see excited to see GSK focusing on something like chronic cough, which is an interesting market. And as you point out, is consistent with their focus on respiratory disease and the general medicine category. I don’t think there’s anything to answer your question. There’s nothing specific in the contract with respect to that. Although, I would just highlight a couple of things. The first is, as part of diligence on that, we did get a sense of and – diligence GSK’s commitment and investment in Trelegy and that was part of our evaluation process. But overall, taking a little step back, Trelegy is a good example of the types of products that we really get excited about.
It’s large, it’s growing into a – as highlighted on a previous question a little bit – and under-innovated unfocused on market and is really attracting investment and by GSK and is a really important product over there. And I think when our interests are aligned with a great company like GSK’s in a category where they’re a real leader, that’s the kind of thing that we get really excited about. On obesity, thanks for bringing that up as well. I agree with you such an exciting space with a lot going on. It is a category of interest there. And without kind of ranking your three factors there, I think we’ll continue to apply our same approach there of looking for opportunities that where we can find a win-win for us, for our partner, and we’ll continue to apply the same – apply the same strategy of looking for the right opportunities to get involved at the right time.
But thanks for the questions.
Steve Scala: Thank you.
Operator: One moment for your next question. The next question comes from the line of Terence Flynn from Morgan Stanley. Terence, please go ahead.
Terence Flynn: Hi, good morning. Thanks for taking the questions. Maybe for me on Tremfya this is one of your larger potential royalty streams and there have been I’d say, a growing interest in new oral immunology drugs here. And so as you think about the implications of the entry of the Type 2 inhibitors or potentially an oral IL-23? Maybe, Marshall, how do you see this market evolving? And then just one follow-up on the kind of deal flow for the year. Maybe any more metrics you could cite, Chris, in terms of how that backlog is playing out over the course of this year versus last year? Thank you.
Marshall Urist: Sure. Maybe I can start on the first one, and Chris can comment on the second question. So on Tremfya again, a medicine that we are really, really excited to have as a part of the portfolio and having one of the best marketers in the world in Janssen behind it is some of the same themes that we just touched on with Trelegy as well as why we’re really excited about this. I think the – both the – putting together the incredible efficacy of Tremfya the dosing convenience, the strength of the market, their position, both in terms of physicians’ minds, their position commercially label expansion into IBD, I think we’re really excited about Tremfya’s future. We are following the entry of orals. As we’ve seen historically, this space has had a really interesting and underestimated capacity to find roles for new products just given the need for patient choice and the unmet need here.
And that’s our view overall. I think we’re still really – we’re excited about both categories of Tremfya and the injectables as well as some of the really interesting things that are going on in the, on the oral space. So that’s our overall view there, and Chris can talk about the deal flow.
