I'd just as soon get the best deal possible with one global partner and let them handle all that stuff around the world!
On that $3 billion revenue estimate, do we think MNKD might have $400 million of profit (I'm figuing 20% of $2 billion in profit, but also consider if we will keep manufacturing as a profit center)? Is either figure way too high? Partner will get most of the profit and that's okay with me. Of course, from the $400 million, or whatever it is, they will be funding their further research, and have to pay to keep the doors open and the employees happy, so bottom line profit to the company could be a lot less, but then there would be the anticipation of further profit making treatments with technosphere, etc.
A 20 p/e multiple is certainly not out of the question.