Apr. 20 at 1:07 PM
$FBIO Hypothetical question, say you had a clinical-stage biotech, let's give them the ticker symbol "HCYT". They are working on a vaccine for CMV, which has an estimated peak sales of 1.34 billion. This company have completed a general P1 safety study, then two P1 studies and one P2 study in haematologic CMV setting showing good safety and efficacy. They then have a variety of additional P1 and P2 studies ongoing for CMV in the organ transplant and HIV settings, funded by research grants. Net of debt and other deferred financing liabilities they have access to up to 120m in cash, which would allow them to fund most of a P3 study when the time came to it... what would you value this company?
For me I would comfortably entertain a valuation of 200-360 million. I am curious to hear what others would, and how it makes sense for Fortress to have an all-in market cap (both shares classes) of roughly 115 million dollars, when it owns Helocyte and a ton of other candidates and interests.
