NorthWest Biotherapeutics Inc (NWBO)

[biosectinvestor]

Advent is a private company. It is also tiny, so it would be basically a 2nd reverse merger. Additionally, there would really be no reason to do it. Since Toucan owns a majority of Advent and you'd have a tiny Advent without any real assets effectively buying a much larger entity, and you'd have to give Toucan a new chunk of equity, it really doesn't make sense. People who keep suggesting these strange transactions are not really thinking it through. It would be easier to fold Advent into NWBO but NWBO should not become a CDMO, and Advent would fold into it primarily if it has no real alternative business. But not sure again why NWBO would do that because Advent will be handling their obligations to do manufacturing for other firms via the regional development authority contract and that would be a total distraction and mess for NWBO to have to be focusing on manufacturing products for other researchers and companies. Being a CDMO is not a business they'd want to go into for all sorts of reasons. They can always assume manufacturing later, for their own factories. Or they can utilize the expertise at Advent, which is easy. But the CDMO is not the big opportunity here. And if NWBO wanted to change domicile, there are far easier and more straightforward ways to do it.

They'd not have done Ireland either, as someone suggested, because they currently have no connection to Ireland, no trials, no relationship with the regulator and the Irish drug regulator is not as well known globally or connected by treaties as the UK, so it offers no real regulatory benefit and would, in fact, be a huge distraction.

As for Advent, the only transaction vaguely reasonable would be a buyout of Toucan's interest, not a merger, and keeping it a separate subsidiary of NWBO. But not sure that would really be in the company's interest at the current time. If they wanted to do that they'd likely have already done it. And it's not really necessary for any real reason. It validates short arguments to even talk about it because it's not really a useful transaction.