Oct. 16 at 5:00 PM
The attachment compares the FY2028 revenue multiples (market cap & enterprise value) of all commercial-stage oncology focused bios with 1st approvals since 1/1/2020 with market caps of
$800MM to
$2.5B versus commercial-stage non-oncology with 1st approvals since 1/1/2020.
The graphs (raw data at the bottom) visually demonstrate oncology continues to trade at lower multiples than non-oncology by roughly 20%. This means, in theory, all commercial-stage oncology focused bios could run 20% higher & would trade at like multiples in non-oncology.
This is not investment advice but Centerview Partners once noted oncology focused M&A multiples were historically 10% higher than non-oncology (the report was from FY2019 per the Tesaro transaction).
Of particular note,
$SNDX continues to be one of the more compelling opportunities if, and these are huge ifs, SNDX revenue forecasts are credible and if SNDX's drugs are worth peer multiples.
$ZYME continues to trade at high multiples.
$DAWN $IOVA $MESO