Biotech Values

[DewDiligence]

MNTA ReadMeFirst

[Updates:
2016-2017 news flow;
MNTA inks 50/50 partnership with MYL for 6 FoBs;
terms of MNTA-MYL partnership meet MNTA’s stated goals;
commentary on MNTA-MYL partnership by FierceBiotech;
why MNTA-MYL partnership does not include (infused) Avastin;

MNTA/BXLT start phase-3 trial of Humira FoB;
MNTA/BXLT report phase-1 bioequivalence data for Humira FoB;
can Abbvie block US Humira FoBs until 2022?;

MNTA has strong liquidity position (including $105M expected from MYL in 2016);
3Q15 financial results and CC transcript;
former Biogen executive, Matt Ottmer, named COO;
Brean Capital has $29 price target;

patent trial on 40mg Copaxone scheduled for 9/26/15 (if not mooted by IPC);
new inference that MYL not close to FDA approval of Copaxone ANDA;

CAFC remands Lovenox patent case back to District Court for patent trial;
AMPH changes its tune on Court bond;
AMPH files desperation “antitrust” lawsuit against MNTA;

MNTA resumes enrollment in phase-2 Necuparanib trial after protocol change.]



CORPORATE AND FINANCIAL

What is MNTA’s business all about?
#msg-119915120 MNTA’s drug portfolio and pipeline
#msg-119712575 2016-2017 possible/probable events
#msg-119915029 Webcast on MNTA-MYL partnership for FoBs (1/8/16)
#msg-119915073 Webcast of MNTA presentation at JPM (1/13/16)
#msg-118241988 Transcript of 3Q15 CC (11/4/15)
#msg-49883723 MNTA is a beneficiary of US FoB legislation
#msg-26837144 Momenta’s mantra on biogenerics
#msg-25803923 The Pink Sheet interviews Craig Wheeler (dated, but still a good read)
#msg-25779774 Boston Globe 2004 story re MNTA’s IPO


Valuation and finances
#msg-119713136 MNTA has strong liquidity position (incl $105M from MYL in 2016)
#msg-118231688 3Q15 financial results
#msg-119760942 Brean Capital has $29 price target
#msg-114728853 Glatopa milestone payments from NVS
#msg-116223816 Diluted share count for valuation purposes


Officers and directors
#msg-119911940 Composition of Board of Directors
#msg-118984568 Former Biogen executive, Matt Ottmer, named COO (12/15)
#msg-94898356 Michael Franken named head of FoB program (12/13)
#msg-58383722 Young Kwon named VP, Business Development (1/11)
#msg-33979910 James Sulat named Chairman of BoD (12/08)
#msg-27338039 James Roach, CMO, joins MNTA (2/08)
#msg-12824293 Craig Wheeler, CEO, joins MNTA from Chiron (8/06)
#msg-116368010 Insider shareholdings and options



FOLLOW-ON BIOLOGICS (FoB) PROGRAM

#msg-104534644 FoBs will be $35B market by 2020

#msg-119689602 MNTA inks 50/50 partnership with Mylan for 6 FoBs
#msg-119691929 Terms of partnership meet two of MNTA’s stated goals
#msg-119697433 Commentary on MNTA-MYL partnership by FierceBiotech
#msg-119721999 Why MNTA-MYL partnership does not include (infused) Avastin

#msg-110925786 MNTA still partnered with BXLT for Humira FoB
#msg-70237561 An interchangeable Humira FoB has colossal upside
#msg-117482545 MNTA/BXLT start phase-3 trial of Humira FoB
#msg-119314596 MNTA/BXLT report phase-1 bioequivalence data for Humira FoB;

#msg-118781959 Can Abbvie block US Humira FoBs until 2022?
#msg-119852113 Abbvie wins USPTO ruling vs Amgen on Humira…
#msg-119854419 …but Amgen (and other FoB players) have a Plan B

#msg-48581353 Affordable Care Act (ObamaCare) enables US FoBs
#msg-113503321 FDA guidance documents pertaining to FoBs
#msg-26837144 Momenta’s mantra on biogenerics
#msg-25803923 The Pink Sheet interviews Craig Wheeler (dated, but still a good read)
#msg-70191760 US patent-expiration dates of big-selling biologics



GLATOPA / COPAXONE PROGRAM

Economic rationale and profit split
#msg-113300123 MNTA guides to $35K revenue per Glatopa patient-year
#msg-12222305 NVS/MNTA split Glatopa profits 50/50
#msg-114728853 Glatopa milestone payments from NVS
#msg-119874693 Glatopa has ~7.5% volume share of US Copaxone mkt (30% of 25%)


FDA approval of Glatopa
#msg-112799454 FDA approves Glatopa (generic 20mg Copaxone)
#msg-112799896 FDA’s rationale for approval of Glatopa


Status of MNTA’s ANDA for 40mg generic Copaxone
#msg-105740021 FDA accepts MNTA’s ANDA for 40mg Copaxone
#msg-116691993 USPTO will conduct IPR re Teva’s 40mg patents on 5/2/16
#msg-116704965 ~80% of patents subject to IPR are invalidated
#msg-118423273 Patent trial re 40mg Copaxone starts 9/26/15 (if not mooted by IPR)
#msg-116497178 MNTA might be able to launch 40mg product in Jan 2017


Potential competition from other generic Copaxone products
#msg-112812696 No FDA roadmap for competing generics
#msg-112887376 MNTA’s Copaxone IP may thwart other generics

#msg-112817624 Musings on likelihood of competition from other generics (MTB)
#msg-112848073 Musings on likelihood of competition from other generics (indigokid)

#msg-115996641 Mylan admits it has work to do on Copaxone ANDA
#msg-90636221 Mylan and MNTA products are not identical
#msg-119705776 New inference that Mylan not close to FDA approval
#msg-29902618 Mylan inks Copaxone deal with India’s Natco (Jun 2008)
#msg-41441618 FDA accepts Mylan’s Copaxone ANDA for review (Sep 2009)

#msg-115896634 PFE licenses Synthon’s Copaxone ANDA
#msg-70039774 Synthon submits Copaxone ANDA…
#msg-99675480 …but acknowledges receiving an unresolved CRL



LOVENOX PROGRAM

#msg-118404904 CAFC remands Lovenox patent case to District Court for trial (1)
#msg-118397347 CAFC remands Lovenox patent case to District Court for trial (2)
#msg-115493056 Preliminary injunction unlikely
#msg-118462482 Amphastar changes its tune on Court bond
#msg-117378149 Amphastar files desperation “antitrust” lawsuit against MNTA

#msg-114749299 NVS/MNTA split Lovenox profits 50/50



NECUPARANIB PROGRAM

#msg-37030489 Rationale for a heparin-derived cancer drug
#msg-119316006 MNTA resumes enrollment in phase-2 trial after protocol change
#msg-108636891 Necuparanib receives FDA Fast Track designation
#msg-102765888 Necuparanib receives FDA Orphan Drug designation
#msg-113635463 Necuparanib abstract from ASCO 2015
#msg-87859870 Clinicaltrials.gov listing for Necuparanib phase-1/2 trial
#msg-107107809 Necuparanib phase-1 data (slides 31-35)
#msg-107107809 Necuparanib phase-2 design (slides 41-42)
#msg-107073252 Phase-2 powered at 80% for 50% increase in OS
#msg-107143382 Phase-2 trial has potential to be pivotal



ENHANCED-IVIG PROGRAM

#msg-111515491 What is IVIG? (short videos)
#msg-107107809 Structure & rationale for MNTA’s compound (slides 118-131)
#msg-101443478 MNTA reports preclinical data on IVIG program
#msg-69595597 MNTA acquires sialic switch IP from Virdante Pharmaceuticals
#msg-69681347 Musings on the Virdante deal
#msg-106041077 MNTA exercises Anaptys option



INTELLECTUAL PROPERTY

#msg-84501925 Musings on trade secrets and FDA disclosure policy
#msg-111389703 Recent patent applications and overview of IP estate
#msg-59682546 USPTO issues ‘187 patent re Copaxone manufacturing
#msg-112887376 MNTA’s Copaxone IP may thwart other generics
#msg-89344512 USPTO issues sialylation patent licensed to MNTA