value @ValueReporter

@prosperousguy Unlikely GSK under the new CEO regime, better alignment with Roche, maybe Novo

On July 14, Wave Life Sciences ($WVE) reaches a critical corporate milestone. The Singapore High Court holds the final hearing to approve its redomiciliation to a Delaware C-Corp. This removes a significant structural barrier for potential Big Pharma acquirers. 🧵

value @ValueReporter

a month ago

$wve July 14

1 0 3 4K 1

@RayneWothbaum Alright, my friend, what is your EV estimate of a hypothetical company that only has 50% of Carvykti economics and nothing more

$LEGN to not disappoint those who reacted with "are you smoking crack?" to my last post, let's add a bit more color: - Jul 20 TCGX files S-1 for $TCGX "TCGX Acquisition Corp." SPAC to "capitalize on the ability of our management team to identify and acquire a business, focusing on the healthcare and healthcare-related industries" and "we may pursue an initial business combination target located in Asia, including a company located in Hong Kong and/or the People’s Republic of China" , $75M - Jul 27 Ying Huang steps down as $LEGN CEO, Guowei Fang steps down as the head of R&D - Jul 29 Form D for TCGX Asia Life Sciences Fund I, L.P., $400M - Aug 4 Ying Huang joins $TCGX as a director, he is in a good company with ex Akero CEO and CMO of $RVMD - Aug 5 $TCGX SPAC starts to be traded on NASDAQ, +11.76% for 2 days. TCGX NEVER had SPACs before. This SPAC has no warrants. Theory - $LEGN might move in-vivo CAR-T assets to a separate Cayman Islands company (with no Genscript connections) which does public on NASDAQ via SPAC reverse merger with $TCGX , concurrent private placement using some TCGX Asia Life Sciences Fund I proceeds. GenScript monetizes their stake in the new company via pre-agreed block trades. Guowei Fang gets back to lead R&D in the new company.

value @ValueReporter

3 days ago

My thoughts on $LEGN situation: $JNJ is leaning hard into bispecific growth to lowball Carvykti's remaining 50%, but that discount is elusive. With manufacturing bottlenecks fully resolved, $LEGN is closer to profitability. Gilead's $7.8B buyout of Arcellx sets the gold standard

3 3 22 9K 10

@RayneWothbaum Carvykti franchise achieved full-year franchise profitability in 2025 and there are no signs this this is changing in 2026+. No way it can be as profitable as bispecifics but profit is profit. Economy of scale is important in allo CAR-T

@failed_drugs They are nor in XBI, neither in vanguard US-only indexes. And not in Russell

$WVE Next Monday Wave starts trading as a US domiciled company. You can start guessing how many shares different ETFs are expected to buy over coming quarters as they join a number of indexes.

@RayneWothbaum Both 50% of Carvykti and in-vivo pipeline are of interest, but to different parties. I presented a theory how in vivo can be extracted into publicly traded asset. Carvykti only $LEGN - if J&J doesn't want the other 50% it can be sold to PE/royalty folks or follow ANAB route

@RayneWothbaum Maybe you need to re-read the post to better understand what is prioritized for the value extraction.

@InvestorLatin

@RayneWothbaum What makes you think that level of retardation differs for others

My thoughts on $LEGN situation: $JNJ is leaning hard into bispecific growth to lowball Carvykti's remaining 50%, but that discount is elusive. With manufacturing bottlenecks fully resolved, $LEGN is closer to profitability. Gilead's $7.8B buyout of Arcellx sets the gold standard valuation comp for 50% multiple myeloma CAR-T economics. Our game theory framework maps out a bunch of possibilities for H2 2026. 2026 started with GenScript Chairman Robin Meng parachuted directly onto the $LEGN board, followed by Gareth Kung taking over as Audit Chair to oust J&J veteran Tomas Heyman. Kung is a cross-border financial architect with deep SEC and HKEX experience from SMIC and Carlyle. This duo was likely installed to lock J&J out of the data room, especially as founder lock-ups finally cleared after years of litigation. And just weeks ago, CEO and R&D head left, interim CEO Alan Bash and interim R&D head Yuhong Qiu signal that Legend is restructuring into a US-friendly, Carvykti-only commercial vehicle. The core puzzle is executing a mandatory GenScript shareholder vote under HKEX rules to carve out the clinical in vivo pipeline (LB2501 showing a 100% ORR, matching major comps like Lilly/Kelonia at $7B). This R&D spin-off could take a few shapes: a direct asset sale to no-invivo car-t player like $NVS, a traditional pro-rata distribution giving public shareholders shares in the new entity, or an institutional capital-backed carve-out funded by specialized biotech venture capital to shield public holders from cash burn. As for where it trades, a dual-listing on the HKEX and NASDAQ or a pure HKEX listing makes the most sense for the new R&D vehicle given its Asian nexus and GenScript's home base. With J&J recently locking down its own in vivo CAR-T play, they may pass on Legend's science overall. But once the R&D pipeline is cleanly extracted, that pure-play, cash-flowing Carvykti-only $LEGN shell becomes prime real estate, sparking a fierce bidding war between Private Equity and J&J. With $NVS watching closely as a manufacturing partner lacking an in vivo story, the M&A chess moves are set to ignite. 🍿🔥

$sgmo still

value @ValueReporter

7 months ago

$sgmo shareholder base

0 0 29 7K 0

@alali_rahman I don't hold eols now. Will check the earnings

$GDYN Out +25%

Astra Bristol Myers Squibb Zeneca? It's going to be mouthful $AZN $BMY ft.com/content/e90272…

@ArtemisVicky Meeting is in several weeks, written minutes - a month after the meeting

$WVE DMD/Huntington are packaged together to be offloaded soon before WVE-N531 NDA. Roche?

$LEGN Added at $18.45, significantly undervalued, will try to post an in depth investment thesis over the coming days.

@xshakeshake Carvykti has just one possible buyer, it's just a question when this buyer is ready to pay

J&J knows how to announce acquisitions combined with spinout days after earnings calls (link below,) When it comes to $LEGN , J&J only wants the second 50% of Carvykti, no R&D labs in China. Genscript is ready to cash in I think jnj.com/media-center/p…

$GDYN The float is shrinking. 2026 Stock repurchases: Q1 2026 1.8M for $11.464M = $6.36 per share Q2 2026 2.6Mfor $17.29M = $6.65 per share As of July 24, 2026, there were 81,126,881 shares of registrant’s common stock outstanding.