TheraCryf has received a non-binding, indicative proposal to acquire its lead neuropsychiatry assets covering its orexin (Ox-1) and dopamine transporter (DAT) programmes. Following careful consideration, the indicative proposal has been rejected as being inadequate and discussions have been terminated with this particular party. This approach follows on the heels of the recent Lilly/Centessa transaction and confirms both the broader pharma interest in drug treatments for the Central Nervous System and the increasing interest in drugs targeting the orexin system specifically. Against that backdrop, and given the direct interest expressed in this approach, TheraCryf's valuation is nugatory given typical pre-clinical deal value upfront payments c5x the company's current market capitalisation rising to c9x at clinical readiness.
