Jun. 20 at 1:16 AM
$IOVA $SNDX &
$URGN revenue multiples v. the 9 most recent peer commercial-stage bio M&A exit multiples. URGN's date of approval is for Zusduri
IOVA's TIL appears an obvious candidate. We suspect acquirees are simply waiting for another quarter or two of improving gross margins. It is just as possible BP analysts can assess IOVA's ability to scale but WTF do we know.
As we've written before, SNDX has probably waited to long which has likely adversely impacted shareholders. We showed how SNDX was worth
$41.02 /share had SNDX sold for
$3.5B in Q125 (after Revuforj's 1st approval) where the same
$3.5B paid today would net us
$35.49/share. We suspect SNDX would argue the 2nd approval added meaningful value. We will never know but don't worry about SNDX's CEO. He makes much more today at
$35.49 than he would have 5 quarters ago at
$41.02 due to his generous grants the last 5 quarters (FY25 & 26. Hey if he holds on maybe he gets more for a
$29 exit
The way URGN has been trading...
$XBI $IBB
