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GD

02/23/21 11:38 AM

#35896 RE: lightrock #35885

Now, we agree CVM is hunting the subgroup data to support
the BLA and approval, if the primary OS endpoint P value
is not SS, CVM is going into BIIB's zone, FDA may still approve
MK with targeted label, but during the whole approval process,
street will not like it and may give CVM much lower valuation
multiples until CVM gets the approval and show me the sales
growth, finally CVM and NWBO are identical twins now, the
timing of data is real unclear, what is Geert going to do
when he gets the full data set and it has many issues but strong
subgroup efficacy, is he going to follow NWBO to publish the
data and submit the BLA(???) first and then PR the data?