If the data is good for NBRV, oral data soon, the buyout thesis becomes quite viable. The IV data was very good and 40% of the IV patients in the first Phase 3 study were converted to pills of the same product. The results were good and these were very sick patients. The second Phase 3 deals with only oral with less sick patients. Odds are good that the data will hit the study objectives.
Now, the current market cap is in the $180 million range, that is extremely cheap for a product that could potentially have over a billion in sales. At a market cap of $500 million, which is ultra conservative, a buyout would have a price of $13 and change a share. The more likely scenario is for $20 a share. We shall see, but exciting times ahead.
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