Biotech Values

[jmkobers]

<<RVNC’s enterprise value is about $550M >>

Is the amount of money RVNC has spent on clinical trials greater than its enterprise value? If not, I bet it's in the ballpark, which is amazing if true. The company is getting very little credit for its spend advancing the pipe, and that is mind boggling to me.

The entire story is confusing IMO. Your premise seems logical but if it were really that cut and dried, RVNC wouldn't exist because it would have been acquired by now. Allergan's Botox franchise is worth ~ 24 billion, RVNC is targeting everything Allergan has in its Botox pipe with a better drug, and the market could care less with a market cap 1/50-ish of Allergan's.

Something doesn't add up