Hi Pinton,
Found interesting link re development stage valuations, sure every deal is unique on its own merit but interesting view all the same;
In Caraway's case this tool suggest the indications only worth US$3m -$105m each, so premium has been paid it seems given only at preclinical stage.
In Neu's case, start of Phase 2 trail values US$285m and then if successful valuation at the start of Phase 3 trail US$1.2bn, then further upside once FDA approved in Phase 3 trial is completed.
In Neu's case using this tool x 4 indications if successful in Phase 2 could value 2591 at US $4bn-$4.8bn
https://www.google.com/url?sa=t&rct=j&q=&esrc=s&source=web&cd=&cad=rja&uact=8&ved=2ahUKEwj63PuZ7dWCAxUCl1YBHRv3CsMQFnoECBwQAQ&url=https%3A%2F%2Fwww.baybridgebio.com%2Fdrug_valuation.html&usg=AOvVaw0v3NC-1jwwtP0fs0bWT8FR&opi=89978449
Merck to acquire Prometheus in a US$ 10.8 b deal, page-8
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