Biotech Values

[ghmm]

QURE:

While I don't disagree especially when they named the CFO interim and said not currently planning on a CEO search it should be noted that BMY owns 9.9% and has options to acquire another 10% which may complicate any deal (unless of course they are the acquirer). There are specific terms see below

Warrant Exercise: (i) the date on which uniQure receives from BMS the Target Designation Fees (as defined in the collaboration agreements) associated with the first six New Targets (as defined in the collaboration agreements) and (ii) the date on which BMS designates the sixth New Target. The Tenth Collaboration Warrant, which grants BMS the right to purchase uniQure ordinary shares up to a number of ordinary shares, in the aggregate, equaling a 19.9% ownership stake immediately after such purchase, can be exercised on the later of (i) the date on which uniQure receives from BMS the Target Designation Fees (as defined in the collaboration agreements) associated with the first nine New Targets (as defined in the collaboration agreements) and (ii) the date on which BMS designates the ninth New Target.
Warrant Price: The exercise price in respect of each warrant will be equal to the greater of (i) the product of $33.84 multiplied by a compounded annual growth rate of ten percent (10%); and (ii) the product of 1.10 multiplied by the volume weighted average price of the Company’s stock for the 20 trading days ending on the date that is five trading days prior to the date of a notice of exercise delivered by BMS.

QURE has said that they have exclusive rights for AAV5 for the liver (licensed from NIH) though the IP has limited life left (2019-2020) I've speculated BMRN may be a potential acquirer for this and other reasons (manufacturing also in insect viral line and desire to expand more into GT)