Biotech Values

[ghmm]

BMY / NKTR:

I would put it as unlikely (and I am quite long NKTR). First you seem to give endpoints a lot more credibility than me! Sure they get the occasional exclusive (or first publish rights or whatever they do in their industry) but for the most part they are rehashing PR's maybe adding a little color. I've often found things a little sloppy done too. Take for example the wording in the story about a 50/50 partnership. That is quite misleading. They agreed to share costs with each supplying their respective drugs. So I guess you could say its 50/50 but they have NO rights to 214 other than the right of first negotiation (ONLY) and that ends on September 30, 2018. So that date makes it "easier" to make a deal but BMY can't stop one before. I'd imagine at the current valuation anyone seriously interested would want to see more data so I think a deal (if any) would wait till not only PIVOT data but at least some significant PROPEL data. NKTR may also want to see how 262+214 looks. Don't forget they should have some Sarcoma data in the not to distant future too. The company line (Howard Robin) for what its worth is we are going to keep the drug for ourselves.