Nov. 27 at 5:03 PM
$SNDX trades @ 1.8X FY29 (Year 4) analyst consensus revenue estimates.
What’s a potential SNDX M&A valuation? Centerview Partners noted 6 SWTX (not SNDX but SWTX) peers were acquired @ an average Year 4 revenue multiple of 3.8X & 10
$BPMC peers at an average 6.3X Year 4 multiple (screenshots attached).
We believe it is self-evident, due to obvious synergies,
$INCY is the most likely SNDX acquisition candidate. Hence, it appears there is potential meaningful upside to SNDX shareholders if INCY acquires SNDX at a market Year 4 multiple, ASSUMING SNDX FY29 REVENUE ESTIMATES ARE CREDIBLE (if not then all bets are off).
Our simple question, do SNDX investors believe SWTX is the better SNDX peer or is BPMC? We believe SWTX is the better SNDX peer (but of course we could be wrong).
INCY's Jakafi generates roughly half of its annual sales. Jakafi’s patent expires in 12/28. INCY’s FY29 (Year 4) revenue multiple is 4.7X, after this is after Jakafi goes off-patent.
$IBB $XBI
