A little taste before mains?, page-27

Quote from the MST report
" The MST valuation is risk adjusted to reflect the probabilities of approval; 55% for KOA and 40.5% for MPs. Positive news of trial results and approval for the EU and US markets is likely to trigger ~ 2X in valuation for each indication."

If the probabilities of approval alone for KOA is 55%, surely the value would be worth 10X more than the current estimate of $888m.

So they are stating that its a bet where you have a 55% chance winning (approval) and having a future 10b+ business and they think its worth only $888m. I'd take those odds any day.