AWP
abrdn Global Premier Properties Fund
stock NYSE Closed Ended Fund

SLS pricing has completely derailed from reality and I genuinely cannot find a way to justify even close to its current value. I get a max value of $4.36/share on GPS when being generous.
The issue is the AML incidence rate, 70% reach CR1, half relapse, 60% get to CR2, 45% can't be transplanted. Leaving about \~4,400 patients/yr across US, EU, Japan. Assuming a generous 65% uptake and \~$240k a course (9.5 injections at $25k list, off Onureg's AWP). We get peak sales \~$362m. I used 80% PoS. For a phase 3 cancer vaccine that is a comically generous number and it still only gives $4.36. Even with guaranteed approval and every single eligible patient treated I get $6.78. There is no version of this label that reaches today's price. Yet the hype is incomprehensible.
SLS009 is worth about $500m unrisked at 12% is $0.30/share. So you'd need \~$11bn unrisked to bridge the gap. It's 28 of 80 patients enrolled for phase 2 and in-licensed with milestones owed, ex-Greater China.
So the current price is pricing a CR1 label. Which needs an Onureg-scale trial, a partner to fund it, and probably close toa decade perform any kind of roll out, by this stage there would almost certainly be competition. Even if my modelling is off by 50-100% this is still way overpriced as is. Happy to be proven wrong.

It’s not perfect that’s why I posted. Actually like ASGI. AWP price on way down last 10 years, RQI going up. My criteria is rising div and rising price last 10 years.