There is no doubt MR is a talented individual, but one of my...

There is no doubt MR is a talented individual, but one of my concerns is it’s a bit of a one man band. I certainly don’t wish any ill upon him, given he’s +60 years old, what happens to RWD if he get’s hit by a bus tomorrow?

Then there’s the question of operational experience. Being a great chemist does not necessarily translate into being a great operator. In fact, my experience is good commercial people make poor technical people, but equally good technical people often make poor commercial people.

Back to the original question. For RWD to be a $1Bn company it needs earnings of ~$100m pa. It won’t do that with 90ktpa from Beyondie, (if they make $100/tn they’ll be doing well, so that’s only $9 - 10m in earnings) so it’s all going to come down to licensing the technology. I just don’t think the SOP market is big enough to generate those sort of returns, so to me something like a $300m valuation is more likely.