Oncology - Pharma Deals News, page-182

While what you say is right, we shouldn't assume shareholders are dumb, but when you're dealing with past data, you have to make a decision on what you know.

VLA got bought cheap in Dr T's eyes, he had experience of a mining company getting a low ball offer, in which he made the effort to make the shareholders hold out for a better offer. These are his experiences of what has occured in the past. I can't blame him from using past experience to determine a future decision. The only thing I'd say to that is in both instances the board accepted the offer. I can't say this would be the same in this situation.

if we didn't have the likes of wombat, Mason, Titans delving into a lot of information that we could then refer to as our DD, would we also potentially accept a lower offer? I can say I only knew how to do the relevant research into biotechs because of wombat. You and I even had a discussion about whether we would accept something below $50 SP. And with all your due diligence you potentially came to the belief that 50 was adequate. Based off diluted SOI, that's about 8b. Astra zeneca formed an agreement with accent therapeutics up to 1.1b dollars. Not even to buy the company, just so they can get a foot in the door for RNA modification therapeutics. And that is based off pillar I, at a much earlier stage.

Dr T has commented on why he can't give an adequate SP forward valuation, what he has done though is given us hints and guided us to the right direction in where we need to look to value Race(for ourselves). From what I gathered, I believe it's quite high. But I could be wrong, and the real value may be lower, as you believe. I won't discount your opinion as I'm pretty fresh to it all, but just follow the trail to see what Dr T thinks.