Confidence re Coming Weeks, page-37

I have done a few peer comparisons to try to and estimate a fair valuation for BIT,
I will post a few here but they are fairly lengthy.

1. So far BIT has been effective on several different Health Issues,
Such as:

Hep C $3.3Billion USD Market
Hep B $59.58 Billion USD Market
HIV $35 Billion USD Market
Covid $40 Billion USD Market

Total $137.88 Billion USD Markets
$209.89 Billion AUD

So BIT only needs a very small percentage of those markets to have a Massive Valuation.

An example would be if BIT were to get just 2% of those Markets,
at a conservative 50% profit ratio (which would likely be much higher)
It would make Profits of $2.09 Billion a Year

CSL has a $129.2 Billion MC
It made $2.2 Billion Profit (NPAT)

Therefore if BIT got just 2% of the market that is has been proven effective in,
It should have a similar Valuation of around $129.2 Billion.

(Note: CSL is now $144 Billion MC)

2. So really in less than a Year whoever buys/partners with/licenses BIT,
Could already be selling the product to the masses,
At that point $100 Billion plus Valuations are possible,
So something like $100+ a share.

So what would a company pay if results are good,
And they pretty much know they will have a valuation of $100 Billion plus in less than 12 months?

$20 - $50 Billion?

3. To further confirm what an acceptable Take Over Price would be,
One can look at what other Take Overs have taken place recently,
And look at what the value of that was....

So recently Merck & Co bought out Prometheus Biosciences Inc (RXDX.O) for about $10.8 billion USD (17.18 Billion AUD)
picking up a promising experimental treatment for ulcerative colitis and Crohn's disease and building up its presence in immunology.

https://www.reuters.com/markets/dea...cquire-prometheus-biosciences-wsj-2023-04-16/

Ulcerative colitis and Crohn's disease have a combined market of $17.5 Billion a Year.

BIT in comparison can treat $200 Billion AUD a year markets,
which is 11.42 times the combined markets Prometheus product can potentially treat.

Meaning if BIT were to get a deal that offered the same Market to take Over Offer ratio,
it would be 11.42 x $17.18 Billion

Which is $196.34 Billion AUD !!!!

4. OK Lets compare BIT to CRSP

CRSP MC $7.36 Billion
BIT MC $78.49 Million

Which is 93.77 times BITs MC

On Dec. 8 The Food and Drug Administration (FDA) gave them the green light to commercialize their gene therapy for sickle cell disease (SCD), which is the first medicine to use the much vaunted CRISPR-Cas9 gene-editing technology. The therapy, called Casgevy, is a functional cure for SCD for most patients, and it's also the company's first product to reach the market.

In terms of Casgevy's addressable market, Vertex assumes that there are roughly 32,000 eligible patients with severe sickle cell disease in the U.S. and Europe.

Of around 100 000 people Total with sickle cell disease is the US.

The therapy is intended for one-time dosing, and it appears to be a functional cure for roughly 94% of patients.
Patients will need to pay roughly $2 million to get treatment,
Likely with help from insurance.

BIT has a market of over 3.5 Million HIV patients in the US and Europe,
With over 1.2 Million is the US

BIT's potential market in the US alone is 37.5 times higher,
Than CRSPs eligible patients in the US.

BIT's potential market is the US and Europe is 109.375 times Higher,
Than CSPR's eligible patients in the US and Europe.

Over 40 Million have HIV Worldwide,
Over 772 Million had Covid,
Over 58 Million have Hep C.

That's 870 Million potential market for BIT.

Total with sickle cell disease in the World is 20 Million.

870 Million / 20 Million = 43.5

BIT has over 43.5 times the Total potential customers for BIT 225,
Than CSPR has for Casgevy.

43.5 x CSPR's $7.36 Billion MC = $320 Billion
.........................................................................................................................................................................................................................................

Anyhow there's a few comparisons with others,
Most of them were done a while ago so some MC's have changed a bit,
But the basic methodology,
Is all still there.