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DewDiligence

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DewDiligence

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Re: DewDiligence post# 244520

Sunday, 04/16/2023 9:27:26 PM

Sunday, April 16, 2023 9:27:26 PM

Post# of 251670
Shin Nippon Biomedical Laboratories acquires STSA for $0.91/cash +CVR:

https://www.globenewswire.com/news-release/2023/04/16/2647523/0/en/SNBL-to-Acquire-Satsuma-Pharmaceuticals.html

The CVR relates to potential monetization of STS101, an intranasal acute-migraine treatment that failed two phase-3 trials (#msg-170444970, #msg-158207498). Since those failures, STSA has essentially been a shell company trading at a negative enterprise value.

Excluding the CVR, the buyout price of $0.91/sh is a 39% premium to Friday’s closing price; however, the buyout price is down 94% from STSA’s 2019 IPO price of $15.00 (#msg-151112084).

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

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