Biotech Values

[DewDiligence]

CHRS acquires SURF for approximately $1.00 in stock +CVRs:

https://finance.yahoo.com/news/coherus-acquire-surface-oncology-110100249.html

I use the word, “approximately” because the exchange ratio depends on how much cash SURF has when the merger closes. At a $1.00 valuation, the buyout price is a 35% premium to yesterday’s close, but a >90% discount to SURF’s price in early 2021. The nominal deal value (excluding the CVRs and SURF’s cash on hand) is $40M.

SURF was once considered a shining star and a rival of TRIL, which was acquired by PFE for $2.3B in 2021 (#msg-165570289).