A few months ago, we heard news that a Belgium firm called Celyad (CYAD) has concluded a deal worth over $300 million with Ono Pharmaceutical. The deal gives Ono the rights to Celyad’s allogeneic NKR-2 T-cell immunotherapy in Japan, Korea and Taiwan.

This news did not mean a lot to investors as Celyad had yet to recover from a heartbreaking  setback in a late phase trial of its cell therapy for heart failure. Also, of the promised over $300 million related to Ono deal, only $12 million upfront payment had reached the firm’s coffers . . .