medium-term valuation

The likely royalty stream to BTA should increase to ~$120M pa as GSK ramps up production, or ~90cps. Combined with the dual relenza molecule in advanced testing, the current share price looks a touch underdone. Surely within a year or less the likely fast-tracked license deals, perhaps $150M penalty payment from an obviously derelict GSK, the existing FluOIA diagnostic test and pipeline projects should make the true value of BTA closer to $25 than $1.

On a personal note, hope you can (also) get some relenza for personal use (it is still possible if you know where to look).