Reports
Insights & Analysis
Deal write-ups, methodology pieces, and TA briefings. Posts live on biovalue.substack.com — click any post below to read on Substack (opens in a new tab so your calculator session stays put).
6 most recent posts from biovalue.substack.com
Decomposing a $2.45B headline: Bayer / Perfuse through BioValue
May 14, 2026 · nfos
On May 6, 2026, Bayer announced an acquisition of Perfuse Therapeutics for up to $2.45B: $300M upfront, $2.15B in development, regulatory, and commercial milestones.1 The asset is PER-001, a Phase II endothelin receptor…
Reading a biobuck: Boehringer / Immunitas through BioValue
May 12, 2026 · nfos
On May 12, 2026, Boehringer Ingelheim and Immunitas Therapeutics announced a global license for IMT-380, a first-in-class anti-CD161 antibody for chronic inflammatory diseases.1 Headline number: up to €407.5M plus…
When the deal isn’t a single asset
May 12, 2026 · nfos
“The market is paying 3–5× rNPV for biotech assets” is a common conclusion from deal comp tables. It’s wrong because most of those comps aren’t single-asset deals. Telling them apart is the analyst’s
Cell and gene therapy breaks the rNPV framework
May 12, 2026 · nfos
The standard model assumes annuity revenue with patent-cliff erosion. Cell and gene therapy generates cash in a different shape entirely. Two recent deals that broke our validation set show the gap.
Decomposing the biomarker premium
May 12, 2026 · nfos
The “+15–25% biomarker bump” survives because each underlying effect is real in some context.
Single-asset drug deals are more predictable than they look
May 12, 2026 · nfos
Seven recent deals fit within a valuation band, and what the empirical norms tell BD and buy-side analysts.