Mar. 5 at 12:28 AM
$DAWN fully diluted market caps & enterprise values at
$15 -
$25/sh using DAWN's 12/31/25 cap table via the Treasury stock method (that assumes proceeds from the conversion of ISOs are used to buy shares in the market), and a net
$100MM outflow for Mersana
We have no idea if DAWN is about to be acquired but the Betaville rumor might shine a spotlight on other commercial-stage oncology focused bios ripe for M&A exits like
$SNDX $URGN $IOVA
There's evidence DAWN is worth more than ZGNX & CTIC, who both exited at M&A EVs of
$1.7B. Ojemda is outselling CTIC's Vonjo & ZGNX's Fintepla's sales by quarter post launch. DAWN analyst estimates are otherwise, more or less, consistent with CTIC & ZGNX when they exited. We'd guess DAWN would exit at a
$1.8 to
$2.1B EV (see our previous posts). Of course we could be wrong. It's a guess
We looked at the history of Betaville Uncooked alerts ~1 year ago when the 1st SWTX rumor was published. We found they were ~50/50
This is not investment advice
