The Whens and Whys of Top Biotech M&A Deals, page-29

For some reason I cannot reply to Naheezz'' post about $10b valuations in 4 years time.

Could not agree more.

I know I have said many times I think $15b USD will get a TO now and up until roughly the mid-point of the P3 PMS trial. Rationale for that is that by mid 2026, we will be in P3 trials for PMS and PHS, we will very likely know the additional indications being explored and we will have increased Trof revenues from the US and hopefully other jurisdictions.

Past that point though, the balance in terms of risk/reward shifts to taking the "risk" and completing the P3 trials and cashing in solo. I know 4 years seems like an awfully long time, and in some respects it is, but I think KJT's numbers are well and truly in the ballpark for fair value and he was nudging towards the $600 SP if we went ourselves.

I know if I had the choice between $175 per share in 2 years and multiples of that in 4-5 years, I know which option I would choose.Obviously there are some assumptions there that people won't agree with but I think the premise stands - we could be worth exponentially more if we remain patient and I am prepared to wait for that outcome.