M31V1
Oct 20, 6:12 AM
$IMMP Merck is the most logical strategic buyer based on the length of the efti + Keytruda collab. The remaining pipeline is effectively priced at a negative value creating a valuation gap relative to the residual assets in PD L1 negative HNSCC and neoadjuvant STS plus the existing relationship with Merck.
IMO, a
$500M equity value is achievable where manufacturing questions are resolved and Phase II pathways are clarified. It would represent a material premium.
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