Nov. 19 at 1:33 AM
$RPRX invested
$350MM to purchase a 13.8% royalty on Niktimvo US product sales from
$SNDX. The resulting product valuation, as a royalty, using simple math was
$2.536B
Attached is a snapshot of RPRX's investor day presentation dated 9/11/25 where RPRX notes changes in 5-year consensus revenue estimates, for all their invested products, since original purchase, including Niktimvo & Rytelo from
$GERN
RPRX notes Niktimvo's 5-year consensus revenue estimates have increased 98% since RPRX made their investment. Rytelo's are off 26%
If Niktimvo's valuation, AS A ROYALTY, was
$2.536B @ the time of RPRX's investment AND Niktimvo's 5-year projected revenues are now 98% higher, does that mean Niktimvo's valuation AS A ROYALTY is also 98% higher, just north of
$5B (as the math shows on the attachment)?
Why or why not?
$INCY & SNDX are 50/50 partners in Niktimvo US. Still, it's interesting to see Niktimvo's valuation (AS A ROYALTY) as a % of SNDX's valuation is meaningfully higher than GERN
$XBI
