RE:The prc PARTNERS interviewI can´t see where you found the 20M upfront figure, but the level is reasonable, I guess. It is evident that the company will expand the R&D activities in France, so the upfront certainly needs to be a fair amount.
When it comes to the royalty figure, I agree that 5% flat is an adequate estimate to use. I have found a study that points in that direction:
https://techtransfercentral.com/wp-content/uploads/2009/01/Royalty-Rates-for-Pharmaceuticals-and-Biotechnology-8th-Edition-Sample-Pages.pdf