RAC - Charts & Price Action, page-4009

DYOR.

We can't start to form a good picture of what each of the Pillars is worth, looking at revenues underpinning peer buyout transactions.

(there a problems with these comparisons though - will explain below)

Pillar 3:

• AML peak sales USD $1B (Forty Seven)
• Ovarian Cancer peak sales USD $2B (Tesaro)

Pillar 2:

• Breast Cancer peak sales USD $4.7B (Immunomedics)
• The problem with this comparison is Immunomedics is focused on Triple Negative Breast Cancer (forgive the link), which is only about 1/4 to 1/3rd of the indication that RACE are pursuing.

Pillar 1:

• Buyouts for various inhibitors ranging from USD $1B to USD $6B peak sales.
• The problem with this comparison is that the wide range of indications under FTO could eventually be worth around the USD $24.3B peak sales of Keytruda ( particularly if RACE's theory of Bisantrene being able to reduce resistance to PD-1 inhibitors works out to be proven ) ... dual effect of growing the market for PD-1 inhibitors and in parallel supporting rapid ramp up of sales of Bisantrene. This is notwithstanding the other opportunities where knockdown of FTO with Bisantrene could reduce resistance to other inhibitors such as TKI inhibitors.
  
  
  

Adjusting for comments above:

• AML peak sales USD $1B
• Ovarian Cancer peak sales USD $2B
• Breast Cancer peak sales USD $14.1 ( 3 x USD $4.7B )
• FTO peak sales USD $24.3B
• Total = USD $41.4B peak sales

Mind boggling numbers but at average buyout multiple of say 5.6x that's theoretical value of USD $231B ( obviously RACE will never get the opportunity to prove up all these opportunities in trials and RACE will probably get taken out for 5% to 10% of this value ).