New Corporate Presentation

So, some things we're learning:

1. The $237.5mm price tag is roughly 2.4x revenues from the assets being sold. That aligns with Logal's statement to Bill & I that lab assets/properties were getting 2-3x revenue in the M&A marketplace.

2. This is from the updated Corporate Presentation. The first half was in the 8-k. But the second half is new info:

BioReference will retain full operations in New York andNew Jersey, as well as national urology and oncology specialty testing services• Retained assets had 2023 net sales of more than $400 million

Yes, I am aware of the math. But what is new is the fact they articulated the difference between what was sold and what remains. They're engaged in the pre-clinical stage of transparency, which is a welcome difference. For those who don't follow the company as we do, and whose contact was limited to today's announcement and reading the filings, including a new Corporate Presentation, it is indeed new info. And relevant. Because Opko, in stating what is obvious to us on a slide in the new deck, is sending a smoke signal to newcomers that reads as follows:

"We just sold a $100mm money losing division for 2.4x revenue."
"We still have lab assets producing 4x that amount in sales."
Implied there is a nudge to, quoting Linda Richman, "talk amongst yourselves".

This simple report of revenue, important enough to make the presentation, combined with the 8-k language about better positioning Opko as a biopharma, is an invitation to connect the dots, and do the math.

Opko's market cap, after today's 'spike' (lol), does not reflect that of a biopharma company with a globally respected leadership team, two partnered assets, and a promising technology. Somebody or somebodies in management seems to now realize this. But they'll need to do significantly more to convince investors. Monetizing the rest of the lab would only be the middle of the beginning. Next should be some statement about even a token share buyback. That would bring Phase 1, as it were, to a close. Phase 2 could begin with converting other assets to cash, again with the purpose of cleaning up the cap structure. They'll also need to address those converts eventually, before maturity, which will require some serious cash as well. Phase 3 would be a name change that is apropos for a lean pharma machine, with laser focus on profits for shareholders, partnerships for more assets, and clear communication about how the part of the retained in house pipeline will be funded by a company with lower but high margin revenue, and much lower head count.

If opk uses half of this amount to buy back shares, how much appreciation do we expect on the Price ?

I realize people on this board do not like the thought of a reverse split. But if the split had occurred before the news there may have been a much larger move. And any buyback would help to magnify that.