Yesterday brought news that Heptares was purchased by Sosei. The deal is for 180$MM upfront and 220$MM in royalties. Similar to the Astex deal, Sosei is not absorbing Heptares, but is keeping them as a wholly owned subsidiary. In terms of clinical assets, Heptares didn't show up on the 2015 version of fragments in the clinic, but they do have a p1 asset, a M1 agonist. As if we needed further validation, this deal shows the power of SBDD/FBDD and gives a good idea off how it is valued. Congratulations to our friends at Heptares.