Marshall Urist: Sure. Thanks for the question on Tremfya. So that’s 1 that we remain really excited about. So I think with the recent updates from Janssen, where we were as part of our thesis when we added that to the portfolio and continue to be excited about the potential in IBD, the data so far that we’ve seen looks very compelling and competitive. And just as important in this space, as data is the strength of the marketer and the scale of their platform behind it. And so we’re really happy to have this product in the hands of J&J, who is one of the biggest marketers in this space and we think we’ll be able to maximize the value of Tremfya in IBD in the IL-23 class which is attractive and growing really nicely.
Operator: The next question comes from [indiscernible] with UBS.
Unidentified Analyst: This is Dee [ph] on behalf of Ash. We have one for frexalimab. It seems like CD40s have accomplished the history with thromboembolic events. So I understand from your perspective, like frexalimab have this issue but has Sanofi provided you any data beyond what was shown in the Phase II that gives you like a strong conviction on assets here.
Pablo Legorreta: Sure. Marshall, why don’t you take this question?
Marshall Urist: Yes. No, good question on the history of these antibodies. So — as you might imagine, that history was something we looked at closely in the diligence and the team did a really good job in terms of the diligence process. We are — we also had the luxury and the benefit of working with working with the ImmuNext team who did a lot of the work to generate frexalimab with all the learnings from the first-generation antibodies which, as you mentioned, did have a did have a safety issue. But what got us comfortable, I think was 2 things I’d mention which is, one, the engineering and the design of the antibody was designed with certain changes to engineer out that risk and certainly all of the all of the basic science and preclinical work supports that.
But more importantly, the proof is in what we’ve seen so far in — from clinical data is that patients have been — that there’s a significant treated patient base at this time. As we mentioned, the MS data, these patients have now been treated out a year and we haven’t seen that safety signal. So certainly, that was what went into our view that this was an issue with the first-generation antibodies and we look forward to learning more about frexalimab’s clinical profile in MS and other indications in the future.
Operator: I show no further questions at this time. I would now like to turn the call back to Pablo for closing remarks.
Pablo Legorreta: Sure, operator. Thank you. And I think maybe just before we wrap up today. One of things that I just wanted to highlight for all of you listening, our shareholders and analysts, is that — we actually had this great deal announced today that is, again, a demonstration of Royalty Pharma has been able to consistently identify really attractive potential blockbusters, marketed by super strong companies. And we have the slide that really shows that we’ve been able to consistently make investments in the most exciting new drugs in sort of every wave of innovation. And the other thing that we’ve done today is really spent time talking about this incredible pipeline that we have in unapproved products that we’ve sort of assembled over sort of a decade or so or 5 years of investing and really try to highlight the very significant potential that Royalty Pharma has in all of this unapproved products that will, over the next 2, 3 years, progress and result in attractive events as data — that we have data readouts and then approvals.
And I think, as I said, it’s sort of an underappreciated part of Royalty Pharma that we’re very, very excited about. So with that I’d like to thank everyone on the call for your continued interest in Royalty Pharma. And again, if you have any follow-up questions, please feel free to reach out to George Grofik and his team but thank you, everyone.
Operator: This does conclude today’s conference call. Thank you for your participation. You may now disconnect.
