ohm20 Great answers as usual, so I asked my fri
Post# of 154558
(Total Views: 759)
Posted On: 05/05/2025 6:01:02 PM
ohm20
Great answers as usual, so I asked my friend at ChatGpt her thoughts on what you posted, and she said,
You’ve raised some thoughtful points here—let’s break this down:
✅ 3-year mOS (median overall survival) — Yes, that’s ambitious, especially across a genetically diverse patient population like mTNBC. While early signals (like the long-term survivors on leronlimab) are encouraging, broad confirmation would require larger, controlled trials to account for variations like BRCA mutations, PD-L1 status, and tumor microenvironment differences.
✅ New patent via drug conjugation — You’re right that simply combining Trodelvy (sacituzumab govitecan) and leronlimab wouldn’t count as a “drug conjugate” patent because Trodelvy targets Trop-2 with its SN-38 payload, while leronlimab blocks CCR5. They bind completely different receptors, and just co-administering them doesn’t create a novel chemical entity. To get a new patent, it would likely require a true molecular conjugate (where leronlimab is chemically linked to a payload or to another targeting molecule), not just a combo regimen.
✅ Buyout offer and HIV program — This is a hardball point. If a buyer offers a Trodelvy-scale price (~$21B) but demands abandoning the HIV program, the company’s board and investors would have to weigh the economic upside vs. ethical and scientific costs. Some would accept on financial grounds, others would resist, arguing that the HIV pipeline has significant unmet need and scientific merit. But ultimately, once a company is acquired, the acquirer controls the pipeline—they can shelve, spin out, or reallocate as they see fit.
If you like, I can sketch out what a realistic buyout scenario or valuation model for CytoDyn might look like — would you like me to do that?
You said:
Yes Please
ChatGPT said:
Great — here’s a realistic buyout scenario and valuation model for CytoDyn, assuming it’s based largely on leronlimab’s oncology potential, especially in mTNBC, and that the HIV program is either deprioritized or dropped by the acquirer.
✅ 1. Benchmark: Trodelvy (Immunomedics) deal
Gilead acquired Immunomedics for $21 billion in 2020, mainly on the strength of Trodelvy.
At the time, Trodelvy was:
Approved for metastatic TNBC after ≥2 prior therapies
Showing ~5.5 months median PFS and ~12 months mOS
Strong revenue growth potential across multiple indications (bladder, lung, etc.)
This deal set a high-water mark in breast cancer M&A.
✅ 2. Current status of CytoDyn / leronlimab
Leronlimab has early survival signals in mTNBC, including anecdotal reports of 36+ month survivors.
Small trials, limited published data, no FDA approval yet.
HIV program under strategic uncertainty.
Valuation today is around $150–250 million market cap — highly distressed vs. its clinical ambitions.
✅ 3. Assumptions for buyout valuation
Let’s break down the drivers:
Driver Base case Upside case
mTNBC survival data Promising signals; needs confirmatory trials Strong signal, accepted as breakthrough
FDA pathway Accelerated approval possible, but risky Accelerated approval + broad label
Revenue potential $1–2B/year in mTNBC, if approved $3–4B/year with additional indications (lung, prostate, etc.)
Patent life / IP ~5–10 years depending on extensions Potential to extend if combined with new IP (conjugates, formulations)
HIV program fate Discontinued or sold Retained and developed separately
✅ 4. Rough valuation range
Scenario Valuation estimate
Base case (single asset, mTNBC only, moderate uptake) $2–4 billion
Upside case (multi-indication, expanded survival data) $6–10 billion
HIV retained as spinoff / sale Add ~$500M–1B to above
So realistically, CytoDyn could be bought out for $2–4 billion initially, which is ~10–20x current market cap — massive upside for shareholders, but still much lower than the Trodelvy-Gilead deal unless the survival data matures spectacularly and the pipeline broadens.
✅ 5. Buyout conditions
If the buyer wants HIV dropped or divested, they would:
Include a contingency in the deal (e.g., spinout HIV assets to a newco)
Assign no value to HIV in the upfront price
Possibly allow CytoDyn shareholders to retain rights or royalties on HIV separately
✅ 6. Example buyers
Potential acquirers:
Gilead (if they want to hedge Trodelvy)
Merck (if seeking CCR5 expertise)
AstraZeneca or Pfizer (to add to immuno-oncology pipelines)
Private equity / Chinese pharma (for turnaround and relaunch)
✅ Summary
A realistic buyout:
Base: $2–4 billion, mTNBC only, HIV dropped
Upside: $6–10 billion, multi-indication, new patents, HIV value preserved
Great answers as usual, so I asked my friend at ChatGpt her thoughts on what you posted, and she said,
You’ve raised some thoughtful points here—let’s break this down:
✅ 3-year mOS (median overall survival) — Yes, that’s ambitious, especially across a genetically diverse patient population like mTNBC. While early signals (like the long-term survivors on leronlimab) are encouraging, broad confirmation would require larger, controlled trials to account for variations like BRCA mutations, PD-L1 status, and tumor microenvironment differences.
✅ New patent via drug conjugation — You’re right that simply combining Trodelvy (sacituzumab govitecan) and leronlimab wouldn’t count as a “drug conjugate” patent because Trodelvy targets Trop-2 with its SN-38 payload, while leronlimab blocks CCR5. They bind completely different receptors, and just co-administering them doesn’t create a novel chemical entity. To get a new patent, it would likely require a true molecular conjugate (where leronlimab is chemically linked to a payload or to another targeting molecule), not just a combo regimen.
✅ Buyout offer and HIV program — This is a hardball point. If a buyer offers a Trodelvy-scale price (~$21B) but demands abandoning the HIV program, the company’s board and investors would have to weigh the economic upside vs. ethical and scientific costs. Some would accept on financial grounds, others would resist, arguing that the HIV pipeline has significant unmet need and scientific merit. But ultimately, once a company is acquired, the acquirer controls the pipeline—they can shelve, spin out, or reallocate as they see fit.
If you like, I can sketch out what a realistic buyout scenario or valuation model for CytoDyn might look like — would you like me to do that?
You said:
Yes Please
ChatGPT said:
Great — here’s a realistic buyout scenario and valuation model for CytoDyn, assuming it’s based largely on leronlimab’s oncology potential, especially in mTNBC, and that the HIV program is either deprioritized or dropped by the acquirer.
✅ 1. Benchmark: Trodelvy (Immunomedics) deal
Gilead acquired Immunomedics for $21 billion in 2020, mainly on the strength of Trodelvy.
At the time, Trodelvy was:
Approved for metastatic TNBC after ≥2 prior therapies
Showing ~5.5 months median PFS and ~12 months mOS
Strong revenue growth potential across multiple indications (bladder, lung, etc.)
This deal set a high-water mark in breast cancer M&A.
✅ 2. Current status of CytoDyn / leronlimab
Leronlimab has early survival signals in mTNBC, including anecdotal reports of 36+ month survivors.
Small trials, limited published data, no FDA approval yet.
HIV program under strategic uncertainty.
Valuation today is around $150–250 million market cap — highly distressed vs. its clinical ambitions.
✅ 3. Assumptions for buyout valuation
Let’s break down the drivers:
Driver Base case Upside case
mTNBC survival data Promising signals; needs confirmatory trials Strong signal, accepted as breakthrough
FDA pathway Accelerated approval possible, but risky Accelerated approval + broad label
Revenue potential $1–2B/year in mTNBC, if approved $3–4B/year with additional indications (lung, prostate, etc.)
Patent life / IP ~5–10 years depending on extensions Potential to extend if combined with new IP (conjugates, formulations)
HIV program fate Discontinued or sold Retained and developed separately
✅ 4. Rough valuation range
Scenario Valuation estimate
Base case (single asset, mTNBC only, moderate uptake) $2–4 billion
Upside case (multi-indication, expanded survival data) $6–10 billion
HIV retained as spinoff / sale Add ~$500M–1B to above
So realistically, CytoDyn could be bought out for $2–4 billion initially, which is ~10–20x current market cap — massive upside for shareholders, but still much lower than the Trodelvy-Gilead deal unless the survival data matures spectacularly and the pipeline broadens.
✅ 5. Buyout conditions
If the buyer wants HIV dropped or divested, they would:
Include a contingency in the deal (e.g., spinout HIV assets to a newco)
Assign no value to HIV in the upfront price
Possibly allow CytoDyn shareholders to retain rights or royalties on HIV separately
✅ 6. Example buyers
Potential acquirers:
Gilead (if they want to hedge Trodelvy)
Merck (if seeking CCR5 expertise)
AstraZeneca or Pfizer (to add to immuno-oncology pipelines)
Private equity / Chinese pharma (for turnaround and relaunch)
✅ Summary
A realistic buyout:
Base: $2–4 billion, mTNBC only, HIV dropped
Upside: $6–10 billion, multi-indication, new patents, HIV value preserved
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