"Our market cap is now 150 million. STILL A JOKE ... should be 10 times that ... at least."
I dug around and found some older info on the merger... from the agreement docs, the value was set to be 800million+ … Multiples from here, few things have changed since then.. but I do agree that 150million is nothing compared to where we should be.
Comparable Companies Analyses
Nomura performed a comparable company analysis. Nomura compared certain publicly traded companies that 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
• NantKWest
• Immune Design
• 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 and derived an implied equity valuation based on the mean and median enterprise values of such companies. This analysis indicated the following approximate implied equity value reference range:
Pre Clinical Valuation:
Approximate Implied
Equity Value Reference Range
(in US$ millions)
$65 to $165
Marker . Nomura performed a comparable company analysis with respect to Marker. Nomura reviewed and compared Marker to certain publicly traded companies that, similar to Marker, are Phase I to Phase II stage oncology firms focused on developing treatments for various forms of cancer. Nomura used publicly available information and current and historical financial information for each such comparable company in its analysis. The companies selected were as follows:
• Atara Biotherapeutics
• Iovance Biotherapeutics
• Adaptimmune Therapeutics
• Cellectis
• Ziopharm Oncology
• Bellicum Pharmaceuticals
• Celyad
• Unum Therapeutics
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In each case, these companies were selected on the basis of their financial and operating metrics and characteristics, including products in clinical trials, risk profile, size and type of operations. Nomura calculated the enterprise values of each comparable and derived an implied equity valuation of Marker based on the mean and median enterprise values of such companies. This analysis indicated the following approximate implied equity value reference range for Marker:
Clinical Valuation:
Approximate Implied
Equity Value Reference Range
(in US$ millions)
$740 to $815
