CNTBY is in the thick of TNFr-related work. Here's a snip from the original release......
Under the terms of the agreement, Cantab paid ImmuLogic an initial
consideration of US$9.0 million by issuing 2,566,845 new Cantab
Ordinary
Shares of 2p each in the form of American Depositary Shares (ADSs). In
return, ImmuLogic transferred the two vaccine programmes and US$6.0
million
in
cash to help fund their development through the end of the year 2000,
by
which
time both programmes are anticipated to be in Phase II clinical trials.
In addition, Cantab will pay ImmuLogic a maximum further US$11.0
million
in milestone payments contingent upon successful development of the two
programmes to the end of Phase II clinical trials. These payments may
be
made
in cash or in additional ADSs or a combination thereof at Cantab's
discretion.
Cantab will also pay to ImmuLogic a share of net royalties it receives
from
vaccine sales proportionate to the level of worldwide product sales
achieved.
ImmuLogic has agreed that it will not sell any of the ADSs, or
Cantab
Ordinary Shares represented by ADSs, issued to it in connection with
the
acquisition within six months following their issue. Thereafter,
ImmuLogic
may sell up to 25 per cent of such ADSs or Cantab Ordinary Shares in
each of
the four quarters following the expiration of the initial six month
period.
On completion of the transaction, ImmuLogic hold approximately 5.8 per
cent
of
Cantab's issued share capital.
5.8% of Cantab's current market cap (Yahoo!) is $24.5 million. This would be $1.20/share of IMUL and bring us to about $3/share. This is obviously not the formula that today's buyers and sellers are using.
;-)
So, what is the value of the CNTBY shares held by IMUL? I've lost track. |
