Biotech Values

[DewDiligence]

Biobucks Scorecard for MNTA-BAX Partnership

The information below comes from MNTA’s SEC filing
(#msg-70213256) and MNTA’s 12/23/11 CC.

 
                             Likelihood 
                     Amount  being paid 
  
 Up-front             $33M   Certain 
  
 Pre-submission 
 technical/devlpmnt 
 milestones           $91M   Almost certain for FoB’s 
                             #1/#2; unclear for #3-#6 
  
 BAX option exercse 
 on FoB’s #3-#6       $28M*  Depends on partnership 
                             progress with #1/#2 
 Regulatory- 
 approval 
 milestones          $300M   Many moving parts; full 
                             amount highly unlikely 
  
 =================   ===== 
 Total biobucks      $452M

*Excluding $20M ($5M x4) for extending the expiration of BAX’s options on these FoB’s.