Why IMU is a multi multi bagger, page-10977

Hi Ben, That’s was great reading. Could you please expand with your thoughts on the Valuation of IMU. Just to clear up whether your valuation includes the B Cell Platform or just HerVax itself. As we all know, both platforms (Idaho and Vienna) can be expanded to include many other cancers. The Idaho branch can create a new targeted therapy in about 6 months.

So my question is does your valuation just cover the two cancers that have been trialled with HerVax and Pd1Vax. Remember that PH has previously sold a far inferior Onco Vax held by Virolytics VLA for $500m. Selling both of the B Cell platforms for $5bn seem a bit light on. We know just how big the T Cell market is and how B Cell costs are only 10% of the T Cell costs.

Leslie has clearly stated that the “B Cell platform has been fully validated”. I can’t see Leslie who wants to create another Genentech parting with this platform for $5bn.