NorthWest Biotherapeutics Inc (NWBO)

[MI Dendream]

So Maverick, using this background does that mean we can expect NWBO to be acquired in early 2022 or after fall 2022. When did/does that clock start ticking?

I agree that going it alone is not a realistic option at this point unless you are willing to severely dilute. To me, it makes sense to lay some groundwork, but before going public with data, I don’t see much benefit to a buyout negotiation. It limits your serious bidders.

On the other hand, a merger could be in play at any time so long as your partner fairly values your asset before taking into account acceleration and synergy. A merger of equals that values NWBO at $12-18B is palatable or better because it isn’t materially different than dilution but accelerates everything. If CRL allows us to be acquired by BP instead, they can kiss manufacturing potential bye bye and expect to be limited to the absolute minimum the contract requires and then lost completely. That is if BP chooses not to tie you up in litigation for a few years first. Did Ocrevus litigation help or hurt Genentech/Roche?

FOMO can be a powerful motivator.