The *real* metric Big Pharma uses for biotech buyouts isn't the flashy Total Addressable Market (TAM) number—that just looks good on paper! 🤫 Smart money hinges on a highly specialized projection: **Peak Revenue** (often Year 5 sales). History shows a valuation multiple around 5.7 times that estimated peak. Forget 100% market capture; this is about projecting the absolute best-case sales year for a specific drug. That's the secret sauce behind major M&A deals! #Biotech #MAndA #Finance #Valuation #Pharma - @dansfera