NorthWest Biotherapeutics Inc (NWBO)

[Poor Man -]

A blockbuster deal (i.e. $10b plus) is likely off the table for now, just because this is still an orphan indication and RA approvals are still in the distant.

Licensing agreements or a JV followed by a listing seems to make more sense from a business perspective until combo trials show some results.

Listing would give the market a say on valuation, and then each shareholder can make an informed decision about holding or selling their shares. The big caveat is how many players are extending offers on the table; that could certainly change the dynamic.

I would agree to a $10b buyout (~$6.70/share fully diluted) in a heartbeat. Time value of money and just general risk considerations wouldn’t make it worthwhile to hold out another year or two.

I think MRK will buyout NWBO very cheap. Forget about $20B. I would say $2-$4 B buyout deal. NWBO management can't deliver and both stock price and stockholders will suffering, let BP to do it. We'll see.