Bruce Booth, a Partner at Atlas Venture, wrote a blog post about immunokinase drug candidate value creation through comparable company and M&A/precedent transaction valuation analyses.
"Immunokinase-directed therapeutics have been one of the highest returning drug classes for biotech investors in recent years. Drugs that inhibit the JAK family, BTK, Syk, and PI3Kd have all generated impressive clinical validation in B- and T-cell diseases, and created lots of excitement on both the deal-making and stock market fronts.
The scale of value creation from immunokinases in the last few years is really quite staggering. By my estimate, north of $10-12B in value has flowed to companies (and their shareholders) that possess hot immunokinase programs."
Read his full blog post here.
The two most important classes of cancer drugs are metabolic and immunomodulatory agents. Immunokinase agents are an important subgroup within metabolic agents. PV-10 is both a metabolic agent (a chemoablative, and in the same general class as inhibitors) and also an immunotherapeutic agent (in the same general class as immunomodulatory agents like ipilimumab, tremelimumab, PD-1, PD-L1, etc.).
Booth's valuation exercise provides some useful insight when delineating PV-10's value proposition (and thus valuation parameters and expectations) vis a vis other cancer agent classes.