The typical course of the late stage acquisition/in-licensing partnering process:

1. Preliminary Review: This step outlines the commercial and medical rationale for proceeding with a potential opportunity or not. Usually this takes between 2-4 weeks. If the outcome is positive, the next step is a ‘Full Review’.
   
   
2. Full Review:  A major cross-functional team analyses the opportunity in a standardised format. Ferring typically conducts 5 to 8 of these per year.
   
   
3. Senior Multifunctional Committee Approval:  A standardised presentation based upon summary of the Full Review. If the decision is positive, the process moves on to submitting a ‘Term-sheet/Non-binding offer’ followed by negotiation.
   
   
4. Due Diligence and Final negotiation
   
   
5. Ferring Board approval
   
   
6. Signing and Closing
   
   
7. Integration: Lead by dedicated high level Project Manager.