Surprised we have not started the next leg up yet. There is zero dollars baked into the share price for Marker assets.
From Proxy
based on comparable companies analysis (provided in the release), the combined company is worth between $805million to $915Million... we are a fraction of that today.
Comparable Companies Analyses
TapImmune. Nomura performed a comparable company analysis with respect to TapImmune. Nomura reviewed and compared TapImmune to certain publicly traded companies that, similar to TapImmune, are pre-clinical Phase III stage oncology firms focused on developing treatments for various forms of cancer. Nomura used publicly available information and current and historical financial information for each such comparable company in its analysis. The companies selected were as follows:
• Aduro Biotech
• Immune Genocea
• Advaxis
In each case, these companies were selected on the basis of their financial and operating metrics and characteristics, including products in pre-clinical and clinical trials, risk profile, size and type of operations. Nomura calculated the enterprise values of each comparable company as of the close of market on May 11, 2018 and derived an implied equity valuation of TapImmune based on the mean and median enterprise values of such companies, which valuation assumed that TapImmune had a cash balance of? $5.1 million based on TapImmune’s public filings as of May 11, 2018. This analysis indicated the following approximate implied equity value reference range for TapImmune:
Approximate Implied
Equity Value Reference Range
$65 to $165
(in US$ millions)
Marker . Nomura performed a comparable company analysis with respect to Marker. Nomura reviewed and compared Marker to certain publicly traded companies that, similar to Marker, are Phase I to Phase II stage oncology firms focused on developing treatments for various forms of cancer. Nomura used publicly available information and current and historical financial information for each such comparable company in its analysis. The companies selected were as follows:
• Atara Biotherapeutics
• Iovance Biotherapeutics
• Adaptimmune Therapeutics
• Cellectis
• Ziopharm Oncology
• Bellicum Pharmaceuticals
• Celyad
• Unum Therapeutics
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In each case, these companies were selected on the basis of their financial and operating metrics and characteristics, including products in clinical trials, risk profile, size and type of operations. Nomura calculated the enterprise values of each comparable company as of the close of market on May 11, 2018 and derived an implied equity valuation of Marker based on the mean and median enterprise values of such companies. This analysis indicated the following approximate implied equity value reference range for Marker:
Approximate Implied
Equity Value Reference Range
$740 to $815
(in US$ millions)
