Pablo Legorreta: Marshall, why don’t you take both questions?
Marshall Urist: On 8189, during our diligence process and working with Merck, we spent a lot of time understanding how they think about this product, what the strategy is, what the questions are being asked about the product in this next Phase 2b program and got comfortable that we were aligned on what the product profile needed to look like as we head into the next stage. And that would constitute an interesting €“ provide potentially an interesting product for both of us. And I think that was the basis of our of our agreement and why we structured this the way that we did, like I mentioned with a relatively small upfront, and then something much larger when we can both really understand this product’s ultimate commercial potential.
You asked about patent life. As you might imagine, IP diligence is really core to Royalty Pharma and important part of what we do. So you can assume that we were comfortable that there is sufficient runway in terms of patent life for this to be a successful product commercially and to Merck to continue to invest in it, post approval
Pablo Legorreta: Before you go to gantenerumab, maybe just a very top level comment to make here is that, as you know, drug development is sort of not a straight line exercise. Things change over time. And obviously, the history, the past matters. But what is really important is what’s going to happen in the future. And that’s what we pay most attention to. We obviously look at what’s happened historically, the data and all of that. But, anyway, I just wanted to interject that, but go ahead, Marshall, with the other
Marshall Urist: And the second part of your question on gantenerumab. So, first, to be clear, we haven’t seen anything more than you all have. So we are eagerly awaiting the data as well. I don’t think we’d interpret the fact pattern necessarily the way you describe it. We trust in Roche to put the data together, process the data and do it in the right way and put it out there and the data is going to be what it’s going to be and we’re excited to see it. I think the way we’ve talked about it in terms of the fact that there is risk there, the way Terry has talked about it in the context of our long term projections has been, I think, very consistent. So I think no change on our call here that we’re excited. We’re excited about this product. It would be a really nice addition to our portfolio. But even without it, we are really excited about our business and our prospects for growth.
Operator: Our next question comes from Terence Flynn with Morgan Stanley.
Justin Phillips: This is Justin Phillips on for Terence. Congrats on the quarter. So, just one for me, the FDA is hosting an ad com for AstraZeneca’s PT027 today. Any perspective you can share on your view of the likely outcome and remind us of the commercial opportunity?
Pablo Legorreta: Marshall, another question for you.
Marshall Urist: Thanks for asking about PT027. So, with the ad com this morning, I think we feel really good about the data and the prospects for approval on that one. As a reminder for everyone, this is a first-in-class novel combination of a steroid and a short acting beta agonist. So using a steroid in the on-demand setting or when asthma patients feel shortness of breath is a really interesting idea and one that we’re excited about. The commercial opportunity is really exciting. I think when you put together the size of the asthma market, which we all know is one of the largest commercial markets out there, AstraZeneca’s long and enduring infrastructure in this setting and the fact that consensus for PT027 is nearly $1 billion by 2030 is that we are really excited about the commercial opportunity.
