Antoine Papiernik

What is, you know, what are the time point at which they're going to lose exclusivity on their product?

Lose of earnings, you know, 300 billion?

Is it 400 billion?

I mean, it depends.

So this is super real.

And despite all the noise, despite even in 2025 absence, I don't know, there was like three IPOs last quarter.

I mean, it's like compared to, you know, one tenth of the IPO activity that we saw in the good years.

Well, you know, the patent cliff creates a pressure that nobody wants to lose turnover and everyone wants to increase turnover.

And therefore, this symbiotic relationship between the pharma industry and our innovative companies is now, you know, nobody can challenge that.

The pharma doesn't challenge it.

And, of course, they want to acquire the right product at the right price of the right time.

And that's, you know, totally understandable.

But I have never been so positive that now, you know, no one challenges.

I remember when I was a rookie in this business talking to pharma companies and said, biotech, you know, what's biotech?

You know, who cares about biotech?

Okay, that's

you know, the old guy talking about something from 25, 30 years ago, but look at today.

So I am super positive because outside of a noise, this remains the case.

The demand for our product is absolutely real.

The pharma needs our companies to do that and therefore they're going to continue to license, acquire those assets and therefore if