Should you buy BRPA SPAC stock before the NeuroRx merger?


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BRPA valued NeuroRx at a pro forma implied equity value of $ 536.1 million. At BRPA’s current share price, NeuroRx is valued at approximately $ 1.93 billion. Adjusted for the pro forma net cash of $ 11 million, the company would have a pro forma enterprise value of $ 1.92 billion. NeuroRx appears to be expensive in the preclinical stage compared to its drug counterparts Relmada Therapeutics and Voyager Therapeutics. Relmada and Voyager have market caps of $ 625 million and $ 148 million, respectively.

Given NeuroRx’s high valuation and BRPA’s seemingly speculative rally, BRPA stock doesn’t seem like a good buy, especially since NeuroRx is still pending FDA approval for its two lead drugs.

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