Let me remind everyone of the Feb 2023 West Australian article...

Let me remind everyone of the Feb 2023 West Australian article where the board of BOT disclosed that they have already been approached by a number of big industry interested parties, like Pfizer, at the JP Morgan Healthcare Conference – before the party (loosely in Vinnie’s words) even begins. Management have a track record of successfully executing billion dollar exits atopportune times.

The acquisition of Sofdra AND the royalty by management was a master stroke. If you simply compare the value of paying 26c a share in Q3 2019 (me and others) (c.A$250M market cap) to what the business is today, the value at 29c (spot) (c.A$460M market cap) is clear (further considering dilution since, and also assuming a degree of market rationality in 2019). Brickell sunk more than half of that delta on Sofdra development alone (capital that was highly at risk for them)! Calc being the sum of 2018-22 corporate R&D plus G&A, with the majority ascribed to Sofdra (to account for other minor, early stage assets in their portfolio).