Biotech Values

[DewDiligence]

I'd say 5 billion dollars on Tysabri alone.

Tysabri’s annualized worldwide sales are roughly $900M (#msg-37091385). Although robust growth could conceivably resume, it’s also possible that Tysabri sales have reached a permanent plateau. Based on the $900M figure, a valuation of 5x sales would make ELN’s 50% stake worth about $2.25B.

If ELN owned Tysabri outright, a somewhat higher valuation, say 6x sales, would be warranted because the costs of maintaining a JV infrastructure could be eliminated. This would put the valuation in the ballpark of your $5B figure.