RE: Immupharma is pure gold.1 Feb 2026 15:29
OTM
1) At the point of an offer from big pharma co, the valuation is not simply based on the upfront receipt of the cash. To this, should be added the net present value of the future royalties.
2) As I understand from one of the interviews, Tim has already mentioned that we are not going back to P1, P2. All the data is there so we will be in P3 territory. Therefore, for the purposes of valuation, there is not going to be a speculation about the future amounts receivable but rather will be based on industry standard, size of the immune market and the number of indications on top of the diagnostics.
3) For 2 above, this is where Ketan Patel is probably already working hard at.
4) The moment a big pharma makes a bid or even more so if there is a counter bid by another global pharma, this will provide confidence in P140 and the Dignostics.
5) We have seen ( one of my earlier posts) that significant sums have been paid upfront with further milestones/ royalties for drugs that are at an early stage and here we have not just 1 but 50 indications, and if we are at P3 stage then we have significantly de- risked portfolio of assets.
6) What we have in P140 + Diagnostis IS LIKE NO OTHER ON THIS PLANET AND THE MARKET KNOWS THIS. TIM HAS ALREADY COMPARED THIS WITH HUMIRA
7) Some here have been very critical of Tim. But, I think he has been very very clever indeed. This is because HE HAS RETAINED THE RIGHTS TO THE REST OF THE WORLD.
I believe the market, in arriving at the share price, will not only consider the upfront + milestones + royalties in the US but has to consider the potential income from the Rest of the World.
For the above reasons, I believe the share price is NOT going to be 20p to 30p but significantly higher at the point of an offer from a global pharma.
Further significant boost down the line on FDA approvals.
GLA
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