Peter: Although I've searched Biacore's filings for how much of Axiom they got for their $4 million I haven't been able to find a clue to the number. Below is a copy of my prior post valuing the Cadus stake in Axiom. Any comments would be most welcome. And thanks for all your perceptive posts.
>> In my attempt to estimate the value of the KDUS stake in Axiom, I found the following paragraph in the KDUS 1999 10K:
"In May 1997, the Company purchased $2.0 million of convertible preferred stock in Axiom, representing approximately 26% of the outstanding shares of Axiom on an as converted basis. In June 1998, the Company purchased an additional $2.0 million of convertible preferred stock in Axiom. This increased the Company's equity interest in Axiom to approximately 30% of Axiom's then outstanding shares on an as converted basis, after taking into account the purchase by JAFCO of shares of convertible preferred stock of Axiom."
Based on the numbers above, it appears the JAFCO investment substantially increased Axiom's valuation. And, using my very rusty math, I came up with a $35 million valuation for Axiom prior to the June 1998 KDUS investment of $2 million and $37 million post-investment. This would put a $9.1 million value on the KDUS stake pre-investment (26% of $35 million) and an $11.1 million value post-investment (30% of $37 million). Of course, the biotech sector has had a huge jump in valuation since June 1998. So, my best guess is that when Biacore invested in Axiom it was valued at $50-$100 million, setting the KDUS 30% stake at $15-$30 million.
( In post 208 on this board, using a different methodology, the KDUS stake in Axiom was estimated at $30 million.)
I'd much appreciate any comments on my numbers, especially from the mathematically adept.<< |
