May. 20 at 1:05 PM
Commercial-stage (non-BP) oncology focused biopharma revenue multiples as of the 5/19/2026 close. Be careful as estimates include contributions from unapproved pipelines. The odds of FDA approval from Phase 1 are ~3-5%
We suspect the multiples of the "Big 5" in this space (doing over
$2B/year in product sales today), highlighted in yellow, may provide a barometer of "best case" pre-M&A valuation.
$URGN trades @ 0.48X 5-year analyst consensus where EXEL trades @ 0.80X 5-year revenues. We'd point you towards our post yesterday on recent M&A as well.
$SNDX is now off 24% its YTD high.
$INCY 3/31/26 cash is well over 2X SNDX's market cap.
$VSTM There is compelling evidence VSTM's risk v reward profile is the most compelling of the peer group. There's evidence VSTM's AV/FAK combo, by itself, is worth
$1.7B via M&A exit but the real upside could come from VS-7375 showing interesting (but not final) results in solid tumors with a 12D mutation (very roughly 15% of all solid tumors).
$IOVA ?
