Momenta Pharmaceuticals, Inc. (MNTA)

[DewDiligence]

Glatopa Milestone Payments from NVS

The triggers are as disclosed on the 4/16/15 CC and in prior SEC filings;
the amounts of all but the approval and launch milestones are guesses,
but the $140M sum of these guesses is a known amount.

• FDA approval: $10M

• U.S. product launch: $10M

• Milestones on the first N anniversaries [guess: N=4] of the US launch if there is no other generic Copaxone in the market and the profits from generic Copaxone exceed an unspecified threshold. Guess: $60M (i.e. $15M x 4)

• Exceeding an unspecified lower sales threshold during a 12-month period. Guess: $40M.

• Exceeding an unspecified higher sales threshold during a 12-month period that does not overlap with the period for the lower threshold described above. Guess: $40M.