Genmab — Januar 2024

[E_L]

@Plimsoller everything can be sold, for the right price -but again, certainly don't see Genmab going that way

[JørgenVarnæs]

Seems very complicated - and a very round about way to juggle usd 15 - 20 billion

[E_L]

it isn't really that complicated, you just sell your rights to the royalties. And as a takeover party you need a lot less cash.

[JørgenVarnæs]

But I’m sure we can agree - if GEN is not sold at this current stock level - it is not going to happen in the foreseeable future

[JørgenVarnæs]

Now you’re assuming Jan is game for that. Hell will freeze over a lot sooner

[JørgenVarnæs]

However, it would be a great way to say - we will neverneverever do business with you again!

[E_L]

Fully agree. But in the end; the shareholders decide, not Jan

[Plimsoller]

E L. Well understood - thank you I must admit that I don't see that happening. If the H2H results with Dara are positive then JNJ will want to keep it for themselves (maybe not opt in but keep others away), and if they are negative, then the bidder wouldn't be very interested, or would be getting it for very little.

[JørgenVarnæs]

Am I the only one wondering about the silence from GEN?

[E_L]

agree. this is more for the hypothetical case that a potential bidder could decrease this cost price by selling off the CD38 franchise

[E_L]

it is the quiet period JV. You will hear from Jan again after the earnings.

[JørgenVarnæs]

…and such a transaction would unlock the value of the pipeline.

[JørgenVarnæs]

Such a shame it takes them 7-8 months to prepare the accounts

[E_L]

weeks?

[JørgenVarnæs]

They use to be very slow

[JKY_VH]

after all, there are large sums to be counted;-)

[JørgenVarnæs]

I have always been envious at the GEN CFO. Seems they do very little but employee share programs…

[Bulder]

Don’t forget the most likely bidder is jnj. They don’t have to sell cd38 rights.

[JørgenVarnæs]

Back in the day I did a DCF analysis for the purchase of 2 double hull VLCCs - went to lunch, came back, had a look at the numbers and realized that the numbers corresponded 1-to-1 to the purchase of a family sized Toyota. Only difference was my numbers were in USD and for ease we removed the last three 000’s

[E_L]

@Bulder we don't know if JNJ is interested in any other part of the business besides CD38. Maybe they would actually be happy to buy the CD38 it they could get it at the right price and let someone else run with the remainder. But it is all fiction for now.