People Need to Read and Understand!!2 Dec 2025 15:49
1. ROQ shareholders as of 30th November 2025 will receive 1 share of Midkine Investments Ltd for each share they held in ROQ at the cut-off date. The are shares in a private company whose sole purpose is to hold then distribute to shareholders the value returned for these assets.
2. Historical Lyramid portfolio of assets have been sold to Pleaides pharma for a consideration of £10.8M to be paid in shares in Pleaides (not cash). Thus the return to MIL shareholders will be when Pleaides shares become liquid on IPO or Sale to a big Pharma. For illustration if Pleaides raises £20M at a pre-money valuation of £80M the MIL will hold 9.75% of the fully-diluted equity in Pleaides. The potential growth of this value is c2-10X depending on how well Pleaides broader portfolio of clinical and pre-clinical assets develops and how much further dilution is required to develop their lead assets to a stage where the company can exit. The exit valuation range for a company with a portfolio of assets in Phase 2 and 3 clinical trials if between £250M and £800M.
3. Historical oncogeni asset MK Cell Therapy has been licensed to Pleaides a consideration of £19M is up-front, development and sales milestones plus a 1.5% perpertuity worldwide royalty on the sales of products by whomever (i.e. it would survive and be paid by an acquirer like a big Pharma based on their global sales).Returns to MIL shareholders will be by dividend as milestones are reached and cash is received. The earliest milestones would yield c£800k in first months post completion.
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