Biotech Values

[DewDiligence]

MNTA’s Remaining Glatopa Milestone Payments from NVS

The triggers—but not the individual amounts—are disclosed in MNTA’s SEC
filings; the total amount of $120M is known from today’s press release
(#msg-114728661). Below are my guesses for the individual amounts.

• 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: $40M (i.e. $10M 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