Mar. 7 at 5:36 PM
Of the 61 new comm'l-stage oncology focused bios (those that received their 1st FDA approval of a cancer related therapy) since 1/1/13, 27 have been acquired after
$DAWN 's announcement yesterday.
The attachment lists those in this peer group that were acquired at gains & losses for shareholders who purchased the bio (using the closing price on the day after FDA approval).
Of the 18 acquired at gains, 16 were acquired within 2 years of approval.
Of the 9 sold at losses, 8 were acquired 2 years + after FDA approval.
3 went bankrupt (NAVB, CLVS, GMDA) not shown on the table. GMDA did not go bankrupt but exited at pennies per share.
Of the 31 still independent today, only 6 trade at higher share prices today than at FDA approval.
$IBRX $NUVB $IMCR SNDX ONC &
$DCTH . Most of those down since FDA approval trade at meaningfully lower share prices.
History suggests the odds are overwhelming shareholder value is maximized via M&A exit within 2 years of approval within this peer group
