Ann: Board Changes, page-179

Here is a calculation of a buy out.

Please note it is based on an MPL after approval and generating at lest 1 Billion $AUD revenue resulting in $100 Million in royalties. And is a very rudimentary calculation. [It does not take upfront and progress payments into account] An offer prior to approval would i Assume attract a lessor amount.

Assuming Orphan Drug Status designation by the FDA!

Assuming the company's patent protection remains until 2038, and considering the Orphan Drug Status designation, we can re-evaluate the company's attractiveness to potential buyers. Here are some updated estimates:

• Premium multiple: The Orphan Drug Status designation can increase the company's valuation due to the reduced competition and longer exclusivity period. Let's assume a premium multiple of 25-30 times EBITDA. Using this multiple, the estimated value would be:$100 million (EBITDA) x 27.5 (midpoint of 25-30 times) = $2.75 billion AUD

• Strategic acquirer: With the Orphan Drug Status designation, a larger biotech company or a pharmaceutical company might be more interested in acquiring the company to expand its portfolio and benefit from the reduced competition. The estimated value could be:$3.5 billion to $5.5 billion AUD

• Private equity: Private equity firms might see the company as an attractive investment opportunity due to the increased valuation and potential for growth. The estimated value could be:$3.5 billion to $5.5 billion AUD

A bit less than some estimates I have seen on HC, but still a very attractive amount.


Cheers