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BIOVF - Selecta Biosciences Is A Buy After Major Deal
Swedish Orphan Biovit Ord
This past Friday, Selecta Biosciences (SELB) announced a large deal with Swedish Orphan Biovitrum AB [Sobi] (OTCPK:BIOVF) worth a possible $730M plus double-digit royalties, with $100M of that upfront.
That's quite a large sum for a company that has a current market cap of $234M. Let's look at how this deal changes the investment thesis of SELB.
Analyzing The Deal
Sobi is licensing a gout treatment called SEL-212 worldwide, except China. They are paying $75M upfront and buying $25M worth of shares at $4.62 (That's about 5.4M shares, or a dilution