The only biotech I've seen with 11B+ valuations are CRISPR...

The only biotech I've seen with 11B+ valuations are CRISPR companies, but that is not a suitable comparison because CHM's technology is nowhere near as innovative as CRISPR-based companies. It is not impossible to expect 11B if every product works, but this will require every CAR-T and CAR-NK program to be successful in solid tumours (CLTX CAR-T, CDH-17 CAR-T, CLTX CAR-T in Melanoma, and the CORE-NK), which no one has done. We only get CAR-NK in hematological tumours when the CORE-NK goes into the clinic, which is still a couple of years away.

An 11B valuation requires perfection in 5 years because if you run into any cases of Cytokine Release Syndrome, patient deaths in higher doses, manufacturing CMC issues, non-statistically significant results, etc, the price will plummet 20-50% before you know it. You will then end up with an oscillating chart and this is just the nature of any biotech.

Kite Pharma also had their own manufacturing facility and they are also a platform technology. Biotech Acquisitions like these only occur with platform technology companies, where a company has a technology platform that the acquirer can leverage to create new products in the future. It's 11B because they have a 2B a year product now + technology platform that could generate more of those in the future. With regards to CHM, it is not a platform technology, it is a mixture of licenses and collaborations with Universities. When faced with a decision of either a buyout or a collaboration with any of these biotech companies, I think pharma companies will settle with collaborations. This is because CHM has a diverse set of clinical programs and is quite risky to pay for in the eyes of a pharma company (due to pipeline fit and strategy, or if they think the product is not going to work). They may only want one of these programs so collaborations may be the way to go. However, these collaborations often favor the pharma company more than the biotech company.

Also, yes, all of these people CHM has hired from big pharma with extensive CAR-T experience, but these were headhunted by CHM and they were paid a sign-on bonus, options, and shares that would essentially give them 2-3 years of salaries extra from the day of signing if the stock and options appreciate in value it could be 5-6 years. I would also move to CHM if presented with this offer. They have a good management team with excellent experience so I wouldn't count them out.

I'm not arguing that CHM won't be successful, I'm arguing these crazy valuations that are only reserved for a specific type of biotech companies that CHM is not organized to be in.