Biotech Values

[DewDiligence]

Panitumumab’s success increases the
chance of an IMCL buyout (IMHO):

After Pani’s success, IMCL is worth less, but not by that much. Prospective buyers will probably offer somewhat less to acquire IMCL.

On the other hand, Pani’s success may have shaken IMCL’s management/BoD of their delusions about IMCL’s potential to attain a $20B market cap. This may allow IMCL to accept a buyout offer that they would previously have rejected.

In short, I think the valuation gap between what buyers like Fred Hassan are offering and what IMCL wants has shrunk, and this makes an eventual deal more likely.