Shots:

• Arrowhead to receive ~$300M up front- ~$740M as development- regulatory and commercial milestones and is eligible to receive royalties of 20-25% on net sales
• If approved- the companies will co-develop ARO-AAT and co-commercialize it in the US- under 50/50 profit sharing structure. Additionally- Takeda will lead the global commercialization strategy and get an exclusive license to commercialize the therapy outside the US
• ARO-AAT is designed to knock down the hepatic production of the Z-AAT protein and is potential first-in-class therapy designed to treat the underlying cause of liver disease associated with AATD
  
   ­ Ref: Takeda | Image: Takeda