In a deal worth up to $225m in contingent milestone payments plus up to mid-teen royalties on potential future net sales, Synairgen has licensed SNG001 (inhaled IFN-beta) to AstraZeneca (AZN) for all respiratory indications. With the deal encompassing the global asthma and COPD markets, we believe SNG001 has blockbuster potential. We estimate regulatory approval could be in FY 2022E. Factoring in our detailed revenue projections through to 2025 (extended from 2024) results in an equity value ....