May. 9 at 2:01 AM
$SNDX fully diluted shares, market cap & enterprise value using SNDX's 3/31/26 cap table.
Also attached is a comparison of SNDX's valuation related revenue multiples v 15 peer comm'l-stage M&A exits. These may or may not be good peers/comps for SNDX. You decide for yourself.
Note the median peer 5-year M&A revenue multiple = 0.90X. If SNDX 5-year analyst consensus is credible AND if SNDX was acquired for a 0.90X 5-year multiple (2 HUGE IFs) then SNDX would hypothetically be worth
$3.4B in M&A EV (MC slightly higher). This would be ~
$34.50 per share using SNDX's 3/31/26 cap table.
Would SNDX merit a higher multiple from
$INCY since SNDX's revenue forecast reflects collaboration revenues at 25-30% of Niktimvo sales? Would any other acquirer pay a premium multiple?
We do not find SNDX FY31-32 revenue estimates to be credible but if they were & SNDX was acquired for the median peer 7-year multiple of 0.56X that would be
$4.2B in EV, a much bigger number
This is not investment advice.
$XBI $IBB
