was not requested to, and did not, explore alternatives to the Merger or solicit interest of any other parties in pursuing transactions
Analysis of Asterias
performed a series of analyses to derive indicative valuation ranges for Asterias Common Stock.
compared stock market valuation for selected publicly traded companies that Maxim deemed appropriate with similar information
for Asterias. The selected comparable companies considered by Maxim were (collectively “peers”):
Bio Therapeutics Inc||
Cell Therapeutics Inc||
selected the peer group in the following manner: Maxim first identified comparable companies listed on a national exchange with
a market capitalization of under $500 million in the biotechnology sector. The peer group was then condensed to only include biotechnology
companies which operate in similar fields as Asterias, have no approved or marketed drugs, focus on the development of drugs for
neurology or oncology indications or that are developing drugs comprised of living cells. The universe of pure-play comparable
listed companies is generally very limited due to the intrinsic heterogeneity of development stage drug programs. In an effort
to maximize a good level of comparability between Asterias and its peers, the peer companies selected by Maxim were those that
Maxim considered to be with the most similarities in their stage of development, total number of unique clinical assets in development,
indication and or are companies whose drugs are comprised of living cells, size, risk and opportunity profiles, and ultimately
in their future growth and profitability profiles.
respect to the peer group, Maxim analyzed the current market valuation of such companies.