Revance Therapeutics Inc (RVNC)

[iwfal]

RVNC has a head start of probably 6-7 years relative to AGN and Ipsen, who have long-acting toxins (based on different technology) in preclinical development. It seems to me that if RVNC were to defer running clinical trials in such therapeutic indications as CD, they would be surrendering a material slice of the valuation pie

I agree completely that the ‘go for it all’ likely increases the overall eventual valuation. And probably maximizes Browne’s value. But the question is whether it maximizes current public shareholder value. And that potential disconnect (between Browne and the current public shareholders) is my point.

If I thought he would/could raise meaningful money in partnerships, this would be a lot less of an issue. But so far the deals seem fairly small.

Random obscure note: I would suggest that part of the current price decline (which is actually pretty impressive) is based on the stock market diagnosing exactly this problem. I.e. it has a little bit of self fulfilling prophecy about it.