NASDAQ vs Aussie biotechs and licensing deals

We have all been guessing what a deal might look at and the reality is no 2 deals are the same.  It is very clear to see a massive valuation gap between our market and the NASDAQ.  Below are 4 of the better licensing deals from the last 12 months.  Take note of the pipeline development stage (nearly all phase 1) and the associated MC post deal.

For reference:
NEU pipeline
1 x phase 3 ready
1 x phase 2b ready (well soon)
2 x pre-clinical (ASD + FXTAS)
and im exluding TBI
Market cap $280 mill AUD ($210 USD mill)

Amgen & Cytomx:

https://www.genengnews.com/gen-news...b-cancer-immunotherapy-collaboration/81255015

Pipeline – 3 x Phase 1-2 of which 2 are still enrolling phase 1 and 1 trial is mid Phase 1
2 x IND
2 x pre-clinical

Market Cap $968 mill USD
Licensing deal $1.7 bill
12 month share price $13-29

Pieiris & Astra Zeneca:

https://www.genengnews.com/gen-news...o-21b-respiratory-drug-collaboration/81254292


Pipeline:
Oncology phase 1 x 1, pre-clinical x 3 and discovery x 2
Respiratory phase 1 x 1, discovery x 1
Other – phase 1b x 1 and 1 x IND/preclinical

Market Cap at peak $470 USD mill
12 month share price $1.4-8.4
Licensing deal $2.1 bill

Loxo & Bayer

https://www.reuters.com/article/us-...deal-with-bayer-but-shares-fall-idUSKBN1DE1MP

Pipeline:
2 x phase 2 mid trial
2 x phase 1
2 x pre-clinical

Market cap $5.6 bill USD
12 month share price $20-$180
Licensing deal $1.55 bill including $400 mill upfront

Assembly bioscience & Allergan

https://www.allergan.com/news/news/...gan-enters-into-licensing-agreement-with-asse

Pipeline:
1 x phase 1b mid trial
1 x IND
3 x lead
4 x discovery

Market Cap $939 mill USD
12 month share price $5.7-$56
Licensing deal $2.78 bill