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Biotech / Medical : Biotransplant(BTRN)
BTRN 35.400.0%Nov 28 4:00 PM EST
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To: Spekulatius who wrote (865)3/27/2001 10:45:24 PM
From: Biomaven   of 1475
 
Looks to me like they are projecting fairly significant Eligix revenues in the 2002/3 time frame.

From the merger document:

Lazard compared, among other things, the transaction value of the selected
precedent transaction as a multiple of revenues:

LOW MEAN MEDIAN HIGH
-------- -------- -------- --------
Transaction value as a multiple of:
LTM revenues..................................... 3.78x 8.38x 8.21x 14.04x
FY+1 revenues.................................... 3.71 6.45 7.12 8.80
FY+2 revenues.................................... 3.42 5.64 6.24 7.55
FY+3 revenues.................................... 2.74 3.77 3.76 5.09

43

Based on the mid case scenario and 2002E and 2003E revenue multiples, the
range of multiples from precedent transactions produces a range of implied
equity values of $185 million to $247 million and $152 million to $202 million,
respectively, for Eligix. Based on the low case scenario and 2002E and 2003E
revenue multiples, the range of multiples from precedent transactions produces a
range of implied equity values of $98 million to $130 million and $87 million to
$116 million, respectively, for Eligix, compared to an implied offer price for
Eligix of $59 million in the merger.

Note that Lazard collects $1m for their efforts if the merger is consumated, so they had some incentive to make sure the numbers came out right. <g>

Peter
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