Jul. 8 at 9:33 AM
$IRWD The biotech M&A market pays enormous premiums for late stage assets with validated human data. Lilly just paid
$1.26B for sonefpeglutide, a P2 GLP-2 w/ zero human efficacy data. Apra is P3 complete, stellar human efficacy, a placebo like safety profile & FDA so impressed they compressed the confirmatory trial to 24 weeks. That asset alone, using the Lilly comp as a floor, is worth more than IRWD’s entire current market cap. Current math assigns zero value to LINZESS, generating
$1.2B annually. A 300% premium to current levels is not optimism. It is what the data says this company is worth when you apply the same valuation logic the market just applied to an inferior asset in the same category. IRWD will re-rate. When, not if.
