Our analysis concludes MEI Pharma Inc.'s (MEIP) recent sell-off is materially overdone. MEIP's sell-off is (most likely) due to a recent unexpected announcement of the discontinuation of MEIP's most clinically advanced oncology program (Pracinostat) in development by MEIP's licensee. However, MEIP had licensed worldwide commercial rights to Pracinostat years ago to Helsinn Healthcare ("Helsinn") SA (a Swiss company). MEIP was only entitled to potential milestone payments and Pracinostat royalties on worldwide sales beginning in the mid-teens. At $2.95/share, MEIP's market capitalization is $321MM. With ~$194MM cash and $0 debt, MEIP's enterprise valuation is $127MM (below,