The big point I see is a licensing deal sighing two years btw $250m and $400m, and royalties at btw 12 & 20 %.
So let's says up fronts are $325m, going into Phase3. That might be $50-$100-$175m tranches.
After successful ph 2b worth maybe $250m as a takeover, maybe more to the right buyer.
That's 8-10 times today's price. $1.28 to $1.60 SP. 12-18 moths away if trials go well.
Just scratching some rough notes on the beer coaster.
What do others think. I am happy to sell at best price in next two years. Or a $325 Mill deal before phase 3 starts.
bell potter benefiting from the hepc gold rush, page-5
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