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Re: TALE OF 2 BIO CITIES and a BucketThe street is clearly in love with Arie Belldegrun. Several biotech buyouts in a decade. Agensys sold for $537m in 2007 Cougar sold for $1b in 2011 Kite sold for $11.9b in 2017 Management made $913m. Arie's take was $694m Cell Design Labs sold for a couple hundred million soon after. All along the way he was investing via Bellco Capital. Now he set up Vida Ventures with several Kite executives as well as taking Pfizer's allogeneic program public as Allogene. He owns something like 14% and Vida owns another 8%. He is up hundreds of millions on that. Now Bellco is getting into building lab spaces for rent. Also owns part of URGN. It's all pretty impressive. But also fortunate timing. Rosenberg CRADA occurred in 2012 just after he sold Cougar and was looking for his next thing. One could make the argument he scammed Gilead based on future projections and the lack of a CD28 license. But that's on Gilead IMO. Arie is a charming, well dressed man and Milligan was desperate. The Agensys stuff didn't work. In fact, Astellas closed their Santa Monica location, only to sell it to Kite. The Cougar buyout led to Zytiga which makes billions. The Kite buyout looks worse with every passing day. Kite was projecting losing $400m in 2017 with 700 employees. Now with over 2000. Cryoport's Q4 rev declined from Q3. So is Allogene overpriced? Probably. But aren't all of these companies. The money to be made as an investor seems to be on this side of approval, not on actual revenue ramp. Meanwhile, Cooper crowing that treating 1% of patients is a $4.5b opportunity. Thanks Laurence for pointing out $300k x 15k = $4.5b. Whatever happened to 1/10 the cost. I do think that allogeneic will likely dominate treatment eventually with lesser efficacy. But we are years away from that. |
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