SkyePharma can't seem to catch a break. It signs a solid licensing deal with Kos (below) and several of the analysts got huffy because the drug developer couldn't marry up with a bigger name in pharma. As I see it, $25 million up front with another $145 million in milestones is a perfectly sound arrangement for U.S. rights. Flutiform is already in Phase III trials so it's not as if SkyePharma is looking for a great science partner. Also, the deal is limited and SkyePharma still has plenty of room to maneuver with other regional partners on Flutiform. No doubt the company would be in better shape if it had signed a worse deal two years ago. But you have to look beyond the superficialities of today's announcement to see that licensing arrangements are getting a lot more creative among a much bigger pool of players. That has big implications for everyone, and none of them are bad. - John Carroll