Apr. 6 at 11:54 PM
$SLNO M&A enterprise value of
$2.44B appears to be priced @ the lowest Year 4 & 10-year revenue multiples in recent history (of course analyst estimates may not be credible).
SLNO was acquired for
$0.2B more than DAWN's EV. Analysts forecast SLNO to generate roughly
$10B more revenues over the next 10 years than
$DAWN ?
SLNO was acquired for 1.7X FY29 (Year 4) analyst consensus. Centerview cited the lowest peer Year 4 M&A revenue multiple was 2.25X (though an oncology focused trx). See yesterday's post. We'd remind investors SLNO generated 99% gross margins on Vykat sales in FY25.
SLNO was acquired for 0.15X 10-year analyst consensus. We recall ZGNX & SWTX exiting at the lowest 10-year multiples of 0.25 & 0.26X, respectively. Most peer M&A exits are priced @ 0.30-0.40X 10-year revenues per the acquiree mgmt/BOD
$NBIX closed at 3.1X. If SLNO FY29 consensus is credible then, because no stock was issued, this s/b quite accretive to NBIX shareholders
This is not investment advice
$XBI $IBB
