Ann: Trofinetide successful in Phase 2 trial in Fragile X, page-90

88888acct, thanks for providing the example of Lexicon which certainly highlights the wide gaps in valuation that can exist between development-stage biotechs in Australia and the US.
However, looking a little more at Lexicon, I think there’s more that's worthwhile mentioning (all values expressed in USD).

• Lexicon’s market cap this time 5 years ago was $563 million – that is, it has doubled in value over a 5 year period.
• Regarding recent movement in the company’s market cap - I note that despite Lexicon’s announcement of a second successful Phase 3 result this month and the announcement of the deal last month with Sanofi ($1.4 bn headline and $300 m upfront), its market cap is currently still around where it was in early October, prior to both of these announcements.
• The upfront component of the deal with Sanofi represented approximately $3 per share. When the deal was announced, the share price was driven up by just over $3 per share ($10.54 to $13.76). One month later, the share price has already retreated to $12.28.
• Lexicon’s pipeline is deeper, broader and several years’ more advanced than Neuren’s, imo. Lexicon has already successfully completed two Phase 3 trials in its lead compound (a cancer drug with Orphan designation and Fast Track status) and plans to file an NDA for that drug in Q1 2016. It's perhaps worth noting that the Phase 2 Proof of Concept results for this drug were announced over 4 years ago; Phase 2b results were announced 3 years ago. It signed a licence agreement with Ipsen (late last year) for this drug in territories outside of North America and Japan ($145 million upfront, $23 million upfront). A second drug (the one it just signed a deal for) is already in two Phase 3 trials in Type 1 diabetes, with results due next year. The company has also completed a successful Phase 2 trial of this compound in Type 2 diabetes, and a Phase 3 in that indication is due to commence next year. The company appears to have seven other compounds in development, including two promising post-Phase 1 drugs. In addition, Lexicon is said to have developed the world’s largest mouse embryonic stem cell bank and also functions as a drug discovery company which has to date identified over 100 potential therapeutic targets.
• Lexicon has long established collaborations with big pharma - Bristol Myers Squibb and Genentech (Roche).
• As stated, the biggest single driver of Lexicon’s share price in recent times was August’s announcement of success in a Phase 3 trial of the company’s lead drug, which is intended to target both Type 1 and Type 2 diabetes (a $40 billion+ market). This immediately drove the share price from $8.44 to $13.60 (i.e. to a market cap of approx. $1.4 bn). However, it is probably also worth noting that it took the company 20 years from founding, 15 years from listing (with an IPO raising of $220 million), and a total of $1.3 billion raised to get to this point!