Pharmaxis has $25m cash, $10m PPE, and another $10m milestone payment looking likely by june.
Liabilities are really only $9m lease, $3m accounts payable and $2m other (excluded the $23m to novaquest because that is dependent on future revenues)
That gives me a rough book value of $45m - $14m = $31m
Currently pharmaxis is trading at $45m.
Question is, would you buy their entire portfolio of drugs for $14m?
I would. Boerhinger Ingelheim definitely would.
That's why I bought in today!
We are reaching book value soon
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