I encourage everybody to carefully read makingmoneynow's previous post about iCo valuations. At the risk of embarrassing makingmoneynow ("MMN"), I have to state that he is an international expert in merger and acquisition valuations. His valuations are very carefully considered and are backed up by years of real world experience.

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What he doesn't talk about here, probably for his own professional reasons, are the market effects from two sources. The first effect is from the stock market and what could drive the share price well upward before the iCO endgame is played out. The second is the effect of bidding competition between pharmas for new drugs.

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Just briefly, I expect the market to start pushing this at some point when the first of two or three events relating to the three ICO-00X drugs occurs. The one event could prompt a complete reevaluation by the market and could drive this to a speculative new high that is discounted from final resolution by only 50% or 60%, meaning that only one event could drive this to $3 to $5. Hard to say what two out of three resolutions could do.

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The second driver of the ultimate valuation is the competition among pharmas for new drugs. MMN's valuation doesn't (and can't) factor in the price that might be achieved if two or more pharmas seriously bid for iCo.

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But MMN makes a great case for base valuations that project a 5-bagger and more from this point, with a 10 to 15-bagger actually being on the table. And I say it could be even higher in a perfect storm of trial success, market excitement and spirited bidding by pharmas.

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Excellent post, makingmoneynow.