Biotech Values

[DewDiligence]

I would submit that the Lovenox case is sui generis for two reasons:

• There’s a substantial probability that the first approved generic Lovenox will be the only approved generic.

• If there is only one approved generic, sales of branded Lovenox after the generic launch will almost certainly be the largest in history for the branded version of a genericized drug.

Thus, SNY has a lot to lose from an immediate launch of an AG in the case where there is only one approved generic.

My view is intermediate between yours and zipjet’s. I think a Lovenox AG timed to coincide with the first generic launch is considerably less likely than an AG with a typical generic launch, but this outcome is nonetheless a legitimate concern for MNTA investors.