Apr. 4 at 5:16 PM
88% of comm'l-stage non-oncology focused bios that sell within 33 months of FDA approval are sold at meaningful gains for shareholders (versus their closing share price 2 days post approval). Only 11% of bios in this peer group sold 33 months post approval are sold at gains.
The
$APLS exit is consistent with this phenomenon. Empaveli was first approved on Friday 5/14/21. Had you acquired APLS shares 2 full trading days later (once settled), you would have paid
$51.31 per share.
$BIIB is buying APLS for
$41.00 per share (plus a
$2.00 CVR). Hence investors who acquired & held APLS over this period are down roughly 23% over the last 59 months.
The phenomenon is the same in oncology except the window is 24 months (exactly 2 years).
$IOVA just eclipsed 2 years.
The evidence is overwhelming shareholder value is maximized via M&A exit within 2-3 years post approval
$TARS is nearing 33 months (but will likely be an exception). It closed at
$19.87 at approval +2
$CRMD ?
This is not investment advice
