That's pretty darn cheap. Back in 2007, Nycomed paid NPS $35 million up front just for the rights to Revestive. And the deal for the drug, which hadn't yet completed phase 3, included more than $150 million in additional milestone payments. It could be that NPS Pharmaceuticals, Inc. (NASDAQ: NPSP ) is getting a great deal, but my guess is Takeda has looked at the potential market and realized it was too small to bother with. Presumably Takeda, with its larger presence outside North America, could market the drugs for cheaper than NPS will be able to do. Building out a commercial presence in Europe isn't going to be easy or cheap. Regaining the rights to Revestive and Preotact makes NPS Pharmaceuticals, Inc. (NASDAQ: NPSP ) a more attractive takeover target. That might be the main driver for the increased valuation. There's certainly precedence.