Ayala Pharmaceuticals Inc (ADXS)

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Agreed that AXAL is not worth $500 million or we would have already found a partner willing to pay even a fraction of that and Berlin wouldn't have threatened to shut down the program. However, Amgen believes that NEO is worth up to $475 million in milestones payments, which a reason I continue to hold. Also, it will be telling to see who ADXS partners with on HOT. Personally, I'd be surprised if they are able to strike deals with each individual HOT construct. It's more likely that an entity would want licensing rights for the whole HOT platform similar to Amgen's deal with ADXS on HOT. NEO is the personalized neoantigen platform whereas HOT is the shared off-the-shelf neoantigen platform. I read the attached article on neoantigens over the weekend, worth a read. The space looks very promising. I think the natural suitors for HOT are either Amgen or Merck (Amgen to lock down rights to all of ADXS' neantigen platform, or Merck to access an enhancing technology to Keytruda and also buy rights to a $475 million deal with Amgen). We'll see, hopefully soon enough.

https://www.ncbi.nlm.nih.gov/pmc/articles/PMC5742119/