Neuren Media and Analyst Coverage, page-1627

Of course I am - I couldn't organise a chook raffle!

That being said, I stand by my point though. I don't think it would take significant expertise to negotiate a ROW deal for a drug that has passed P3 and FDA approval (if memory serves correctly). JP talks about significant value uplift after P3 success and I accept ROW is not the USA, there are lower prices and more fragmented markets, but generally speaking, you can make a broad assumption that the markets are split 50/50 between USA and ROW, with some colour on the margins.

That being the case, we received $100m USD and milestones and royalties for ROW, for an FDA approved treatment for Retts. Reata, with a drug that treats a condition that is comparable to Retts alone, received $7.2B USD for the whole lot.

It doesn't take a mathematician to realise that we didn't get anywhere near that level of value uplift on the ROW deal. What makes it even more frustrating for me is that we had/have Fragile X as part of the mix, a condition that is multiple times the size of Retts.

To my understanding, our whole deal, milestones, royalties and PRV amounts to roughly $1b USD. For that, Acadia gets a drug in a nicely comparable condition to FA, that is actually doing considerably better. They have access to other conditions, including FX. They also get access to NNZ 2591 for those conditions - a free shot if you will. The delta between $6b USD and $1b USD is significant.

I am sure he is competent but I don't just want competent - I want shoot the lights out brilliant!! Which is why I referenced the Reata dealmaker. Maybe Biogen paid overs, maybe companies want to buy a drug and have access to all indications and territories, not fragmented, maybe we didn't hold the cards and had to part with Trofinetide for much less than fair value due to contractual restraints, maybe, maybe, maybe.

The point is, NNZ 2591 is a veritable gold mine and any half decent DCF will confirm that!!! I don't want value left on the table by a competent operator. I want a savant to convince BP that the only logical course of action is to write a cheque that matches accurate valuations.

Maybe that is Gerry. ROW for Trofinetide indicates it isn't.

Ultimately, we have ~$350m in the bank with much more incoming. We can afford to put on an expert in this space or engage a third party of experts.