Biotech Values

[biophud]

I do not have a position in NKTR, but from what I have read it looks like a high quality company. I'm not sure what to make of the new CEO. I like the fact that multiple drugs using its technology are in clinical trials (diversifying regulatory risk). Couple of questions.

Is NKTR's revenue stream sufficient for its 1+ Billion dollar market cap?

Does NKTR need more than royalty revenue in order to grow into a large-cap biotech?

Should/Are biotechs that rely on licensing technology valued differently that product-based biotech companies?

Comments appreciated.

biophud