Biotech Values

[DewDiligence]

EVGN IPO’s @$14.75, raising $85M* in gross proceeds:

http://finance.yahoo.com/news/evogene-prices-initial-public-offering-033700393.html

MON is buying $12M worth of stock at the IPO price (constituting 14%* of the IPO); combined with MON’s pre-existing shares of EVGN, the IPO purchase gives MON an approximately 9% equity stake in EVGN.

EVGN will have about 26.4M* diluted shares after the IPO, including 3.6M in-the-money options (http://www.sec.gov/Archives/edgar/data/1574565/000119312513446326/d518283df1a.htm page 36-37); at the IPO price, this gives the stock a market cap of $390M*.

*Assuming exercise of underwriter’s option for 750K shares.