Biogen only paid that much due to the competition and right before the market launch (ie phase 3 success, breakthrough designation and FDA approval). Given the sales result, they clearly have overpaid.
In my view Soleno's market cap of $3.8b USD is a fairer comparison at the current market conditions and again, that's only achieved after breakthrough designation, phase 3 success and FDA approval. The analysts are projecting $2B USD peak annual sales in US alone.
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