Momenta Pharmaceuticals, Inc. (MNTA)

[10nisman]

I still scratch my head of why NVS would pick this one investment, which after 10 years is still deep underwater, to dispose of.

IMO,
it's one of the following:
(1) NVS had an internal holding period of 10 years unless the partnership agreement was extended or dissolved or NVS had an interest in acquiring MNTA.
(2) NVS has determined the majority of MNTA's value doesn't relate to their partnership and as such, it doesn't make strategic sense to own MNTA equity as NVS can utilize the cash ($50+ million and capital gain losses) more opportunistically. Maybe they'll use the cash to acquire MNTA's interest in Glatopa and thrice weekly generic Copaxone.

Although, I find the selling annoying the fact NVS elected a 10b5-1 plan may mean they expect the share price to rise in the company months (thrice weekly approval?) and wanted to get the plan implemented prior to any approval.

10nis