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Sunday, December 14, 2008 4:58:36 PM
<<The South San Francisco biotech company will receive an initial payment of $195 million from Bristol-Myers under the partnership terms, followed by $45 million in 2009.>>
We will use 28M shares outstanding for IDMI (which is on the high side- just to be safe):
28M x $8.50 a share= $238M market cap;
28M x $10.00= $280M.
EXEL @$4.95 has a market cap of $522.7M.
Exelixis, Inc. is a biotechnology company engaged in the development of differentiated pharmaceutical products for the treatment of cancer and other serious diseases. Exelixis has a pipeline of compounds in various stages of development that will potentially treat cancer, renal disease and various metabolic and cardiovascular disorders. The Company has 11 compounds in clinical development: XL647, XL880, XL820, XL184, XL518, XL281, XL019, XL844, XL228, XL147 and XL765. The Company has ongoing commercial collaborations with several pharmaceutical and biotechnology companies, including SmithKline Beecham Corporation (which does business as GlaxoSmithKline), Bristol-Myers Squibb.
IDMI @ 28M shares outstanding would be @ $18.50 per share for a market cap of $518M.
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