Jun. 18 at 4:11 PM
Attached are 11 recent larger comm'l-stage bio M&A transactions with the enterprise value paid as a multiple of cumulative 10-year revenue & gross margin projections (top)
SWTX was acquired for 0.26X cumulative 10-year projected revenues (per SWTX mgmt/BOD), the lowest multiple in this peer group. IMGN was acquired @ 0.78X 10 year projected revenues (per IMGN mgmt/BOD)
On the bottom see a pool of comm'l-stage peers some consider potential M&A candidates, and their current market cap as a multiple of 10-year projected revenues.
$FOLD trades at the lowest multiple of 10-year analyst consensus revenue estimates (in this pool).
$RARE may be technically lower but RARE's projections likely include contributions from unapproved products/pipeline.
It appears
$ASND trades at the highest multiple in this arbitrary peer group. This could be due to conviction in ASND's products & perceived lower risk.
Yes there c/b astericks to each bio. This is not investment advice
$TARS $BMRN