"I have mixed feelings about Europe. A major partnering cedes some degree of ownership to the partner and reduces the buyout value of the company as a whole. Sales ramp up in Europe is always slow as each country wants to cut its own discount deal with the company and negotiations can be protracted."
I completely understand your mixed emotions. And I agree sales ramp in the EU can be slow and protracted due to country specific negotiations. However, given the fact that PTLA has no infrastructure or experience in the EU, my concern is if they attempt to do it on their own it will be even slower and more protracted with parochial fumbles along the way. That will result in patent burn and diminished buyout value. I just think A in the US is a heavy enough lift for them and I do not see them effectively being able to handle the EU as well.