Not sure I agree with your statement "we will need to see 4-5...

Not sure I agree with your statement "we will need to see 4-5 hundred dollars per share to make this happen"

Didn't Wayne say their internal valuation is around $900m atm? To me that is a bit like price on the For Sale poster.

I'm not sure it is fair to say AVR is worth $5bil USD at this stage. If the TAVR had FDA approval and AVR were manufacturing and selling 10's of thousands per year then I believe your target valuation would hold however I think you need to apply some discounts to account for where the company is today.

Pure Speculation Below
What I think would be very interesting is if we saw a serious bid from a major player emerge. Noting Wayne said internal valuation is at $900mil, what would happen if one of the incumbents offered $50/share (but were prepared to go up to say $80 (MC ~=$900mil AUD)?

I appreciate not all long term holders would be in the black but I also think it would be tough for the board not to recommend a deal such as this.

Another approach could be that a potential acquirer does a cash and stock deal, so say they agreed on $100 AUD/share but only $50 was paid to existing holders and the other $50 value was given as stock in the acquiring company (holders would still be able to share in
the long term upside from TAVR, ADAPT, etc or just sell their new shares if they wanted the cash, might also be easier for an acquirer to fund). In this case I think it would be very very difficult for the board not to recommend shareholders take such a deal.

(IMO this still gives away a massive part of the upside to the acquirer however unless massive cash is raised and the products fully developed/distributed/sold independently I can't see how this value will be retained)

All IMHO, pls DYOR

GLTAH