Ann: Appendix 4E and Annual Report, page-96

Take this with pinch of salt, very difficult to predict but, below may be the scenario
Low Estimate: If some programs are still in early stages with significant risk, the valuation might be in the range of $500 million to $1 billion.Moderate Estimate: If Imugene shows promising Phase 2 or Phase 3 data with a high probability of success for multiple assets, the valuation could increase to $1 billion to $3 billion.High Estimate: With strong clinical data and substantial market potential (e.g., successful Phase 3 results for multiple candidates), the valuation could go beyond $3 billion, especially if the market opportunity is large and unmet medical need is significant
some historic acquisitions for reference

Gilead Sciences and Kite Pharma (2017): Gilead acquired Kite Pharma, a leader in CAR T-cell therapies, for approximately $11.9 billion. This deal was driven by Kite's Yescarta (axicabtagene ciloleucel), a CAR T therapy for lymphoma.

Bristol-Myers Squibb (BMS) and Celgene (2019): BMS acquired Celgene for $74 billion, largely for its hematology and immuno-oncology portfolio, including Revlimid and pipeline candidates.

Pfizer and Seagen (2023): Pfizer announced its acquisition of Seagen, a company specializing in antibody-drug conjugates (ADCs), for $43 billion, highlighting the significant interest in innovative cancer therapies.

Sanofi and Synthorx (2019): Sanofi acquired Synthorx, an immuno-oncology company, for $2.5 billion, mainly for its pipeline of IL-2 variants designed to stimulate the immune system to fight cancer.

I would say if IMU gets one right 10 + billion or close to right we may see 3 + billion payment..