I would think a 8 - 10x for a company that is developing without sales of their own peoduct would be appropriate but... There are subsidiaries that are selling products, testing and Sorrento ownership in other companies certainly justifies 12 - 15x; -$1.26 x -12 (~$15) is the current value I would put on the company. once the product line produces cash flow the multiple can go to 20x and depending on the time span between approvals and the expected cash flow the multiple can be anywhere the institutions and funds want it to be including 60x for a while.
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