Update: Regaining Adasuve rights amid strategic review
Alexza is in transition as it is undergoing a strategic review to either unlock value or fund R&D programs such as AZ-007. The decision to reacquire US Adasuve rights from Teva may facilitate this process, as an outright sale or royalty agreement for its entire interest in Adasuve may be more straightforward once the US rights are regained. After lowering our revenue and COGS assumptions, our valuation on a standalone basis, net of debt, is $20.9m, or $1.04 per share fully diluted.
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