Neuren Media and Analyst Coverage, page-1060

Interesting to hear Jon answer a question about the current SP.

He noted that he was unable to provide a price target but referred to the 7 analysts that are covering us, ranging from $28-$31. He noted the rational logic behind the models but crucially noted that even though they call it price targets, that is not what they are, they are risk adjusted valuations of what they are worth NOW.

Was also interesting to hear him reference the size of the PMS and PH markets. He is acutely aware of the value of Retts and the comparative value of 2591 - its on the tip of his tongue when referencing patient population numbers.

Hopefully this will put to bed any absurd notions that we are getting bought for $50-$80 because that is all we are worth.

I have said it before but Jon should not pick up the phone for less than $15B USD. Based on the excellent analysis from KJT, $27.5B USD is the median point in the valuation range (between circa $9.75B USD and $47.5B USD) for our share of 2591 in the ongoing arrangement with Acadia for just the current indications and small batch of others.

$15B USD is not just a bargain, its a relatively fair, not to mention great, place to start the bidding in my humble opinion.