NorthWest Biotherapeutics Inc (NWBO)

[Poor Man -]

I just don’t know if there are good comps, just because there’s not much in the way of a history for $20 billion acquisitions for single asset biotechs. But I’ve often said the floor is at least whatever the MC is for NVCR.

For Merck to pay $20 billion plus would likely mean one or more RA approvals and confidence by Merck that the Keytruda combo trial is demonstrating efficacy. That could result in a big or even huge jump in valuation, and what Merck is willing to pay.

To repeat what I said initially after the NYAS presentation, the results appear to be a wow for patients, but not wow enough for a $20 billion buyout just for DCVax alone.

I still believe management is checking off boxes from a term sheet. And even not for a buyout, at the very least for a pending JV or licensing agreements, which could turn into an eventual buyout later.

That’s not a bad result, since substantial value could be unlocked w/ a possible listing on a major exchange. But I can easily see bridge financing at this stage to move from listing and/or UK approval to some form of an agreement

The question that’s always looming in the back of my mind is that the company has done absolutely nothing in terms of improvements to its operations or governance. I guess it’s possible to keep the company as is to become just a licensing vehicle. But not sure how they get around changes they’ll need to make to their governance in order to list on Nasdaq or another major exchange.