audeo valuation, page-7

Treasure - I won't be able to get there tomorrow, so look forward to hearing how things go & if any other interesting info emerges. Perhaps Iva may be there?
BTW - at the non-meeting a week or so back, I got very strong impression that original DRL development costs (that were to be deducted from ACL payments) WERE very close to $10 million. With total net sales of about $32 million, my calculations suggest that costs of sales would have been about 39%. If they can get those costs down to about 32.5%, then seems possible that net flows to ACL from US market could get to about $25 million, after deducting the $2 million/year they need pay DRL for the process cost reduction work. ACL people themselves, seem to think a figure closer to $30 million, but for obvious reasons, won't say so on record. Then, later on there should be royalty flow from Europe.

BTW. I think ACL currently has about 280 million shares on issue, and it will have some on-going operational costs, so need factor these in when trying to 'guess' what net earnings/share may be; as well as any ACL tax liabilities - re latter, I think ACL would still be carrying about $80 million of accumulated losses on its books post demerger, so presume they can be used to used to offset any ACL company tax obligations?

Another thing I heard at the non-meeting was that the GSK-Apotex deal re the AG, is thought to expire abt August 2013, and possibility was raised of GSK not extending the arrangement. Also, there are apparently companies out there that specialise in buying pharma royalty, etc revenue streams - e.g. "Royalty Pharma" - I don't know anything about them, but perhaps not just DRL who could be interested in acquiring the ACL fonda revenue?