martin

Valuing Sepracor Through Astra-Zeneca's MedImmune Goggles

What you fail to realize is SEPR's drugs have no intellectual property protection. Valuing SEPRs assets using 25-35x implies terminal value that SEPR simply does not have. Lunesta has but 5 years of IP life left and Xopenex either 1 or 5. MEDI's assets have another 20 years left to them.

Sorry, this is apples and oranges.