Fair Value Please, page-191

SV, sound good, but a few things to be realistic.

Good thing, it's $US30m but that is at Fuji's estimated peak....ie around/starting 2026.
PE's as you know are based on net earnings, so a bit of tax to consider and time value/ discount on royalty stream.
I get your main point of course.
It's not even an entree indication for Cymerus, like edamame for the Japanese, free first course.

GvHD should be worth the $2 by itself. easy
It's taken MSB 3-4 years to get $10m GvHD royalties out of Japan alone.
So on a PE of just 20 for CYP on same given how many indications we can possible P2....CDI min, now

That's why I never thought Fuji would only convert option.
Didn't make sense at our SP.