Jun. 10 at 9:09 PM
Comm'l-stage oncology focused biopharma (MC
$1-
$2B) revenue multiples as of 6/10/26
$SNDX has taken a beating off 30%+ from 4/2/26. Incyte used its
$4B war chest to buy Vega v SNDX. We then learn SNDX closed a
$250MM convertible debt offering (
$24.76/sh) after the CFO's assurance SNDX had ample liquidity to get to break even. The financing should provide ample time for 1 more juicy 500,000+ share grant to the CEO (0.5% of fully diluted shares). Griping aside, SNDX's multiples are again on the low side v peers.
$IMCR needs solid Phase 3 data in adv melanoma later this year to realize 5-year estimates.
A reminder the last 9 peer comm'l-stage M&A exits were priced at an average 0.88X 5-year multiple
$IOVA traded well north of
$5 recently. At
$3.78 its multiples appear competitive.
$NUVB is off
$1.00 from yesterday's high.
$NVCR 3-year multiple (7 analysts). Can someone comment? 5 years ago NVCR traded for
$225/sh
