My friends, there are a few inescapable truths:
- Pharma does not (often) buy "ideas", "frameworks" or "technologies". They buy revenue streams.
- From a Pharma perspective, buying a small Australian biotech costs - the (insignificant) purchase price, covering the risk of the key principles departing, linking into the research management structure, reputational risk, etc.
Phylogica is a discovery focused biotech with a platform technology. Pharma have them exactly where they want them:
Starved for capital (which is cheap for Pharma)
At their beck and call - Pharma has no problems getting the research initiatives they want for chump change.
Why would Pharma change this situation?
From a PYC holder's perspective:
- The current shareprice heavily discounts due to the uncertainties and does not adequately reflect the value of the framework.
- More money will need to be spent to fully develop the framework. We are a long way from significant drug royalties.
However, if they can reasonably achieve cash flow self-sustainability - this will be a fantastic company to hold.
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Mkt cap ! $559.9M |
Open | High | Low | Value | Volume |
13.0¢ | 13.0¢ | 11.5¢ | $308.5K | 2.533M |
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Price($) | Vol. | No. |
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11 | 637126 | 0.110 |
10 | 1183875 | 0.105 |
13 | 2325475 | 0.100 |
3 | 113721 | 0.099 |
Price($) | Vol. | No. |
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0.120 | 371822 | 1 |
0.125 | 217835 | 3 |
0.130 | 619798 | 7 |
0.135 | 100000 | 1 |
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