Jul. 1 at 12:48 AM
$SPRO I can't believe I'm explaining this again but here it goes:
$GSK expects first commercial sale by end of 2026 -- I'm estimating between Oct 1 and Nov 1, let's call it October 15. On that day, GSK will owe
$51 million to SPRO and
$25 million on the one year anniversary.
I expect GSK wants to own all the rights by then to avoid (1) all the milestones/royalties and (2) any future contract dispute with Spero or financial buyer of the remaining tebi rights.
There is a 30 day minimum Hood Scott Rodino wait period on any acquisition over
$150 million-ish; sale of tebi rights qualifies. GSK couldn't close deal for probably 6-8 weeks -- announcing tomorrow takes us to Sept 1. About a month before 1st commercial sale.
Next, I believe the only growth pivot for Spero is by (1) monetizing tebi rights for UPFRONT cash and (2) using the 120 million shares to reverse merge with a private biotech.
Reverse mergers take 4 months. That takes you to November 1.
That company needs the $$$ for trials.
