One of the early scenarios was effectively a buyout or spinoff for L while NWBO’s successor company remains a development stage biotech for various indications of Direct. It’s hard for me to imagine a buyout for the entire company, just because it’s hard to value Direct and come up with a price everyone will agree upon.
There are ways to structure a deal to take all those factors into account. The tool box included partnerships, spin-offs, licensing, milestone and royalty payments, along with more exotic instruments like CVRs. Really the goal is to bridge the difference between present and future values, and how to share the risks and upside potential.
The other thing to consider is once the company is listed, the market will provide the boundaries for how to value everything. That’s really what a company like Merck has to consider when it makes an offer. It’s not just a competition between BPs, but between how the market might price the company once it’s listed.
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