Momenta Pharmaceuticals, Inc. (MNTA)

[DewDiligence]

Re: MNTA's M923 (Humira FoB)

There's a wide array of possible deal structures, so it's futile to make projections about specific deal terms. However, on a risk-adjusted NPV basis, I think the M923 program is worth at least $250M, so I'll be disappointed if a deal is consummated that reflects a lower valuation.

Based on yesterday's webcast, it seems likely that MNTA will defer any M923 dealmaking until MNTA has submitted the 351(k) FDA application.