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Edison - GW Pharmaceuticals NASDAQ IPO raises $31m - Long green

07:14 EDT 7 May 2013 | BioPortfolio

GW Pharmaceuticals has raised $31.2m via an IPO on NASDAQ. With pro forma cash of c £42m, GW is well capitalised to execute its commercial and R&D strategy. Our revised DCF valuation of £178m ($275m), or 101p/share, equates to $18.90 per ADS. This could rise to £213m ($331m), equivalent to $22.60 per ADS, if Sativex is approved for cancer pain. The R&D pipeline and US opportunity for Sativex in MS spasticity currently represents pure upside to our model.

Source: Edison Investment

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