Our Thoughts on M&A in Oncology

Research evidence excerpt

Our Thoughts on M&A in Oncology

Oncology

Our Thoughts on M&A in Oncology June 9, 2026

Out of all the available targets in oncology, big pharma stepped in and announced

the acquisition of Nuvalent (NUVL, not covered). Based on FactSet cons est., the

transaction appears to imply an EV / 5-yr-forward sales multiple of ~5x for two late-

stage lung cancer assets.

We would argue there are still several oncology opportunities that may be more kpatel@wolferesearch.comKalpit Patel

compelling, especially in our covered universe ... “hidden gems” or names that have (646) 419-2570

pulled back on investor sentiment despite fundamentals remaining intact. We would View Kalpit’s Research

View Comp Tablenominate TNGX (OP, $35 PT), CELC (OP, $160 PT), CTMX (OP, $6 PT), and SMMT

(PP) as the names most likely to check the strategic boxes for big pharma. Gugan Raghuraman

graghuraman@wolferesearch.com

Runner-up candidates include CGON (PP) and TYRA (PP), where we like the 646-419-2572

underlying technology and drugs but would prefer a better stock entry point. We

would also include RVMD (OP, $165 PT), but the valuation premium required at

current levels is likely too high for big pharma to digest. OLMA (PP), ORIC (PP), and

JANX (PP) likely require additional de-risking before pharma would be comfortable,

in our view. GMAB (OP, $32 PT)) and ONC (OP, $340 PT) are independent,

revenue-generating companies and therefore less likely to attract traditional big-

pharma interest, given their scale. We would not nominate CORT (PP), despite KOL

enthusiasm for its ovarian cancer asset relacorilant, given the antitrust baggage

associated with the Korlym franchise. Note - the big pharma math scenarios below

are not intended as price targets. Rather, they represent our view of what could be