Is $112m really that cheap for a preclinical GLP-1 RA?

Much has been written about Merck's licensing deal with the Chinese biotech Jiangsu Hansoh Pharmaceutical Group Co., Ltd. for rights to an oral GLP-1 RA asset outside of China, with up to $1.9 billion in biobucks (sorry, milestone payments associated with the development, regulatory approval and commercialization of the candidate, as well as royalties on sales). Merck had other China deals in the last few months (LaNova Medicines and Curon Biopharmaceutical), but all deals are either early-stage (ongoing Phase 1) or pre-clinical (Hansoh). But NONE of these deals looks cheap to me. Or am I missing something?

In particular, the Hansoh asset is preclinical, therefore not de-risked: it still has a 90% chance of failing in human trials. This kind of price for a preclinical asset is on the high end of the range for a US biotech seeking to outlicense its IND-ready asset.