Nov. 25 at 3:27 AM
An earlier post today profiled the obvious synergy between
$INCY &
$SNDX by analysts
The attachment notes updated revenue multiple data for all comm'l-stage oncology focused bios with market caps over
$1B. INCY trades at a FY29 multiple of 4.7X the year after Jakafi's patent expires where SNDX trades only for 1.8X. Hence INCY could, in theory, buy SNDX for up to 4.6X FY29 estimates & it would be accretive to INCY shareholders.
Our simple point is SNDX, even after jumping 30% in valuation the last 2-3 weeks, continues to trade at revenue multiples far below peer oncology bios.
$KURA trades at the 2nd lowest 10-year revenue multiple in the peer group (but exercise caution as KURA is obligated to forward its partner 50% of Ziftomenib US sales).
We've bashed LEGN enough so we will pass on doing so again here.
$URGN is another one that is trading higher yet still trades at low multiples versus peers
We're wondering how high
$EXEL can go before M&A exit? Genuine responses appreciated.
