Biotech Values

[ghmm]

GLPG:

I don't believe they've completely ruled out a dual for example they have a study of '2737 + Okambi and have said about not ruling out going for class 3 (if data much better then Kalydeco). That being said Yes I think regulators will let them have a triple (they're letting them dose patients and look at HCV) without any of the components approved.

As far as timeline I don't think its 2 years but even if you are correct. If data superior (or even on par) my argument is GLPG EV value is ~2.5B vs. vertex ~40B. Granted $GLPG interest in CF is mid teens to 20's royalty (which is more valuable then the equivalent equity interest) is extremely under appreciated compared to VRTX CF interest... especially when one considers this is NOT their main asset (at present). Filgotinib Is likely about 80%+/- of the EV.

Keep in mind my argument isn't the data is bad (far from it) its that:
1-GLPG is extremely underappreciated for their CF
2-Their is still substantial room for improvement in efficacy and on preclinically models $GLPG still has potential to show that. VRTX also admitted as much saying early work is still proceeding with their next generations.