May. 11 at 3:26 AM
$VERA valuation & revenue multiples v 17 peer commercial-stage bios acquired just before/after FDA approval.
The average peer 5-year revenue multiple was 1.35X &/or a 0.37X 10-year multiple. If VERA analyst consensus revenue estimates are credible AND if VERA were worth ab average 5 & 10-year multiples consistent with the 17 peers (2 HUGE IFs) that would come to
$4.2-
$4.4B in enterprise value. Adding VERA's
$500MM net cash/debt would be
$4.7-
$4.9B in market cap. Using VERA's 3/31/26 cap table, that would come to
$59-
$62 per fully diluted share.
This is a simple "what-if" as we're trying to learn more. Just to be clear, we have no idea what VERA might be worth in an acquisition. We also are unaware if VERA's gross margin profile will be consistent with these peers. This is not investment advice.
Can any VERA investor comment on Atacicept's projected gross margin profile (as a subq injection) &/or speculate on whether or not VERA could fetch a premium M&A revenue multiple?
$XBI $IBB
