Neuren now has a book value of $150m. It will have $25m cash so we are down to $125m.
It has assets that are negotiated for a deal paying that value just for development milestones being met. Plus the substantial future earnings. It is massively undervalued if they get FDA approval - so you need to factor in that risk and the time it will take to get there.
I think we were all expecting to commence P3 2H 2018 not 2H 2019. It think the manufacturing scalability is problematic/expensive and this has only been communicated more recently. Great deal for 2020-2021.
Ann: Neuren and ACADIA announce agreement for North America, page-279
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