Replies to post #841 on Revance Therapeutics Inc (RVNC)

[dewophile]

I agree completely that the ‘go for it all’ likely increases the overall eventual valuation. And probably maximizes Browne’s value. But the question is whether it maximizes current public shareholder value. And that potential disconnect (between Browne and the current public shareholders) is my point.

There is only a disconnect with shareholders that are traders or looking for a short term gain. Otherwise if it increases overall valuation then Browne and shareholders are in fact aligned

If I thought he would/could raise meaningful money in partnerships, this would be a lot less of an issue. But so far the deals seem fairly small.

The only licensing deal for daxi is china and the terms are in fact favorable if you look at comparable deals. It would be nice to get a partner to share in development costs but then you have to give up rights to half the drug (or thereabouts).

Right now there remains some overhang on whether or not the drug does inherently have superiority over botox. Yes I know that the amount of active toxin is the same but xeomin - the other 150Kd toxin - is dosed a lot lower for glabellar lines which is probably raising some question on dose effect. The CD trial is using comparable unit dosing to botox (so more like xeomin in that it is lower active amount of neurotoxin). If the trial is a success (better efficacy and duration) this would cement the superiority of the RVNC drug in the eyes of suitors IMO and open the door to the lucrative partnership or buyout I think management is looking for