Attempting to value a biotech company on cash flow numbers these days would only be futile because the reality of success within this sector will continue to see a binary outcome;
a) technology does attract global innovation leader or
b) technology doesn't attract global innovation leader
And, if you're still waiting with the rest of the herd for the next innovation cycle to begin, you're already missing it, Fire Bull. Don't let those off-market transfers distract you too much.
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