Biotech Values

[gym gravity]

IDIX/VRUS

As far as valuation, I am still surprised at the gap in valuation between VRUS and IDIX, which to me are otherwise roughly comparable companies in terms of drugs under development and stage of development.

VRUS's top two compounds are much deeper into PII than IDIX.

VRUS took off after EASL data in '09 ... from $8 to $24... so the approximate 3x difference in market cap between IDIX and VRUX can be almost entirely this (partnered) compound.

IDIX has IDX899 about to enter deep Phase II, early Phase II data from IDX184 due in April, partnering from IDX184 coming up, and two new Phase I trials for IDX375 and IDX320.

If everything "equals out" IDIX should be about $12-15 in 6 months.