TOINV JMO, but in answer to your question why didn't HL buy it all? I think the overwhelming first reason would be that no other investors large or small would agree to it at that price.  I think the price tag for an all out sale is much higher than the current deal price and somewhere in the neighborhood depicted by the past EV chart.  I think price is also a big reason there has been no deal with a big pharma and that doesn't at all mean there is no interest.  Most pharma now have huge dollars to deploy and they don't mind spending them on a sure thing for a price where they think they can make a good, risk adjusted return. It seems to me most recent deals pharma makes are huge dollars for something proven or much smaller dollars with CVR's for something they are really interested in getting an early lock on.  I think RVX is probably somewhere in a middle ground now and at this point I think the only thing that would make an interested big pharma pull the trigger is if they sensed an interested competitor was going to take a shot at RVX.  (I remember Arthur Higgins saying that in his experience that interest by the competition was a very big motivating factor for making deals - he would know.  I think it is too bad that he is no longer an RVX director, he probably has forgotten more about the pharma business than, collectively, the current crop of directors ever has a hope of knowing)

As far as HLs ultimate intentions go, obviously none of us know for sure but it would not suprise me at all if HL plans to sell their equity stake for a huge ROI and retain their distribution rights should Apabealone become the blockbuster that we are all hoping for.  Further, it wouldn't suprise me if they then partnered with a big pharma for distribution in their own territories.  From what I have seen HL has a great deal of manufacturing and supply experience but not much retail.  Why reinvent the wheel.  If apabetalone becomes a blockbuster why not take perhaps billions of dollars profit from the equity stake sale, take a potentially huge upfront payment from a big pharma for a distribution partnership and then be paid to exclusively manufacture Apabetalone for their territory as well as be paid an ongoing sales royalty.  To me this would be the best scenario for them to maximize profit from their current situation in RVX.

As per your questions regarding CVR's (re:a few things), I think your take on payment of milestones is correct.  As far as a company getting a reversion of IP if a milestone and requisite payment is missed; I have seen that happen but it would depend on the terms of an individual deal.  As far as the discussion of CVRs, I thought it was just for clarification and understanding as you suggested.