$DAWN getting bought out by Servier for +68% premium or $21.50 per share in cash ($2.5 billion) ... the acquirer becomes the acquiree 👏
Interesting to note that just 2 months ago Day One closed its own acquisition of $MRSN in a $285M deal for their B7-H4 ADC Emi-Le
These less expected acquisitions can have a more outsized effect on sentiment for the biotech sector and I hope to see more of them $XBI
$MRSN Really good write-up that perfectly summarizes MRSN's present situation. So if you want to bring your MRSN knowledge up to date or just discover MRSN, this is required reading. https://everyticker.com/quote/MRSN/analysis/mersana-s-30-25-question-can-day-one-extract-value-from-a-reshaped-adc-pipeline-nasdaq-mrsn
$DAWN was up 20% today on meaningful trading volumes. We have no idea if a DAWN M&A exit is finally imminent. We're only sharing an observation
Attached find M&A valuations paid 8 DAWN peers as multiples of revenue forecasts prepared by the acquiree's management. We provide the same for DAWN using analyst consensus.
It's our experience most of these comm'l-stage bios forecast to get up to $800 - $1B/year in product sales are acquired for enterprise values of $1.7 - $2.1B. DAWN noted it ended the year with $441 cash before paying very roughly $100MM (net) for $MRSN
There are ~120MM fully diluted DAWN shares @ 9/30/25 incl 14MM ISOs of which ~9.2MM were vested. All are under water. WAEP = ~$16/sh
$CTIC may be a good peer for 10-year multiple comps because Vonjo had 11 years to patent expiration when acquired. We understand Ojemda's patent expires in June 2035.
See MRSN's financial forecast provided DAWN (peak sales = $200MM)
Just for entertainment. This is not investment advice $XBI $IBB
$DAWN Day One, $MRSN Mersana — that Betaville rumor with their lowest hit rates… Still Long DAWN for fundamentals
https://www.betaville.co.uk/betaville-intelligence/tycrchnbv7j9m4y39bc5k2rfjlbggawjefed
