Biotech Values

[semi_infinite]

NVS does not participate in SURF's cd47 program. SURF is repeating the experiments that TRIL has been conducting. WRT NVS collaboration on SURF's cd73, the undiscounted value will depend on probability of success you want to assume. Roughing that suggest about ~40 cents/shr per probability point assuming constant share count but SURF also loses on upside if successful with cd73 program. Not enough to explain the difference in EV.

https://www.sec.gov/Archives/edgar/data/1718108/000119312518094098/d471930ds1.htm