Neuren Media and Analyst Coverage, page-1183

(Based upon some very quick research) as of Dec 2023 Cerevel Therapeutics had zero revenue, EBITDA of -US$440m and net assets of $US670m.

Cerevel had no approved drugs on the market and no completed Phase 3 trials (successful or otherwise).

Cerevel had one drug, Tavapadon, in a Phase 3 trial for Parkinsons and also in Phase 3 trial as an adjunctive therapy for Alzheimers (adjunctive means it only treats secondary symptoms of the disease, not the core symptoms, similar to Acadia's NUPLAZID).

Cerevel had another drug, Darigabat in Phase 2 for focal epilepsy and panic disorder.

So Cerevel had completed two Phase 2 trials successfully and a number of Phase 1s. This compares with Neuren, who, ignoring Trofinitide, has had two successful phase 2 trials (potentially soon 3) for NNZ-2591, but has yet to start Phase 3 trials.

So Cerevel is a zero revenue, loss making company with no approved drugs. versus Neuren which has revenues, is profitable and has 1 FDA approved drug.

However, lets ignore these differences, because they're probably immaterial.

The key point is that although both Neuren and Cerevel certainly have great potential and could be valued at tens of billions in 2028, as of today their drugs have not been approved or successful in Phase 3. Therefore, like Neuren with NNZ-2591, Cerevel was still valued at a huge discount due to the remaining large risks involved in bringing their drugs to market.

Oh, hang on, they were bought for AU$13b (US$8.7b). Where did that huge discount go?

Of course Neuren is different - they have far far higher risks than any other pharma company at a similar stage because....