Replies to post #70235 on Biotech Values

[mcbio]

Re: SGEN vs IMGN & enterprise value

"Also, SGEN does have other pipeline products, whereas IMGN is really ADC or nothing."

This is a valid point. Even though you may look at IMGN and see a very deep and impressive pipeline, it is all based on their ADC platform. So, until they get at least 1 drug to market, there will persist that general concern about the entire pipeline and approach. I can't argue with that and that is a clear risk with IMGN, although I feel pretty good about the risk/reward at current levels.

As far as enterprise value goes, SGEN does have a nice balance sheet but even in backing out the net assets you still get an enterprise value over $500 million. IMGN's enterprise value is about $140 million so there's still quite a discrepancy.