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Peptech is trading below it's core value once you take into account that it will receive $80-$100 million in royalties over the next 4 years.

Cash $188m
Domantis recievable $18m
Minimum DCF of TNF royalties $60m

That's already $30m greater than the company is capitalised at, without giving any value to their pipeline.

Tharlow you are right that the Evogenix merger will be costly for Peptech in the short term, as Peptech shareholder's will only control 70% of the new company, but since the announcement of the merger the shareprice has dropped to 75% of it's value so the market is almost valueing Evogenix as worthless (from Peptech shareholder's perspective).

If Dr Chiplin is successful in getting several antibody products commercialised, it will be a fantastic outcome for Aussie Biotech, but alas that will only be 5-7 years down the track.