00:00Absolutely right. So when you look at the numbers, we've got $2.8 billion upfront cash and $1 billion in
00:06contingent value rights. So that's CVRs tied to the lead assets, which are in two forms, one in internasal, the
00:15other one is under the tongue buckle, getting through phase three and also getting EEA approval because these are psychedelics.
00:24They're drugs that are quite fashionable these days in terms of development because of the profound effects that we're seeing
00:31on treatment-resistant depression, on major depressive disorder, generalized anxiety disorder, that sort of thing.
00:40So there's a resurgence of interest in these psychedelics, which are synthetic. So that's where this extra billion dollar in
00:48contingent value rights come from, which is why the stock's trading above the $6.75 cash offer.
00:54So the psychedelics, talk to us about kind of just that part of the therapeutic space there, Sam. Is it
01:02a big part of it?
01:04It is. It is. There are quite a few companies. I wrote a few names down. GH Research, MindMend, Compass,
01:11just naming a few, Alto, Cybin, Relmada, et cetera, who are in this space, which is a significant issue for
01:21society in terms of depression.
01:24But also, the fact that the psychedelics, I think, takes away or adds a little bit of, hmm, I wonder
01:30what they're like, you know, magic mushroom, that sort of stuff, it's conjured up.
01:33In fact, this particular drug originates from a specific desert toad, which is one of the major sources of it.
01:42But this is synthetic. The fact is they work on something specific in the brain and it's been shown that
01:48they can help you to a degree rewire your brain because the brain is a very plastic organ in terms
01:54of how it learning, right?
01:56That's plasticity. We learn new stuff all the time.
01:59So, unfortunately, in a depressive state or a PTSD state, that's a learned behavior to a degree, to put it
02:07very simply.
02:07So, that's where I think there's a lot of interest to try and treat patients and help patients here.
02:12Sam, I also want to turn to Merck, getting FDA approval for a new cholesterol pill.
02:18It's going to cost $3,800 a year, which sounds pretty expensive if it's not covered by insurance.
02:22How is this different, this new medication, Lipfendra, different from the world's most popular cholesterol-lowering drug, which is Lipitor?
02:31Yeah, so these are drugs that work via a different mechanism.
02:35It's an inhibitor of something within the system called PCSK9 that are involved in the metabolism uptake production of cholesterol.
02:48And there are other drugs that are on the market that work the same way, which would be injectables or
02:59ones that interfere with RNA, etc., in terms of trying to...
03:05Here's the first oral drug that we've got.
03:07And that's where I actually don't think $3,800 is a lot.
03:12You know, we're living in a world where drugs come to market at $10,000, $20,000, $30,000, $50
03:15,000 a year.
03:17And here you're having a very profound effect on LDL.
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