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DewDiligence

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DewDiligence

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Re: biocqr post# 223637

Monday, 03/06/2023 12:05:49 PM

Monday, March 06, 2023 12:05:49 PM

Post# of 253534
ADAP acquires TCRR for $2.04*/sh in stock—a 69%* premium by my calculation:

https://finance.yahoo.com/news/adaptimmune-tcr2-therapeutics-announce-strategic-110000040.html

Despite the nominal premium, this deal is effectively a takeunder insofar as TCRR has had a deeply negative enterprise value for the past 18 months or so. Even after today’s bounce, TCRR is down about 90% from its 2019 IPO (#msg-146837794).

*Based on ADAP’s opining price of $1.35 today, TCRR’s closing price of $1.21on Friday, and the exchange ratio of 1.5117 shares of ADAP for each share of TCRR.

“The efficient-market hypothesis may be
the foremost piece of B.S. ever promulgated
in any area of human knowledge!”

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