AUPH - Aurinia Pharmaceuticals: Potential Blockbuster Justifies Big Pharma M&A Interest

• Aurinia won approval for Lupus Nephritis therapy LUPKYNIS in January this year, causing its share price to reach a high of $19.
• Analysts believe the drug can achieve >$1bn per annum sales, and longer term, $2bn may not be unrealistic.
• That has created a slew of recent M&A rumours involving GSK, BMY, Roche, and Novartis - although a $250m mixed shelf filing suggests mgmt. may want to go it alone.
• The share price rose as high as $33 on the speculation - any acquisition could be at >$5bn, or ~$40 per share.
• I look at the pros and cons of buying Aurinia stock at current price of $20, market cap ~$2.7bn. I'd prefer an investment at a price closer to $15 per share.

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