Biotech Values

[DewDiligence]

MNTA ReadMeFirst

[Added 4Q08 market shares of leading MS drugs (c/o masterlongevity).
I’ve also added the dissenting opinion of ‘srsmgja’, who argues that
Copaxone is not cleaning Tysabri’s clock.]


What is MNTA’s business all about?
#msg-25473104 Capsule summary of proprietary technology
#msg-35570668 Transcript of 4Q08 conference call (2/12/09)
#msg-35477216 Webcast from BIO-CEO conference (2/10/09)
#msg-28748329 MNTA helps FDA with contaminated heparin
#msg-33978205 Post-mortem on above story
#msg-33867074 2003 article from Signals (still a good read)
#msg-28865474 Characterizing a compound by “ruling out” structures
#msg-26837144 Salient FoB quote from MNTA’s CEO
#msg-35477216 Momenta’s Mantra on FoB’s
#msg-34857329 Early-stage cancer program


News flow and miscellaneous tidbits
#msg-35478959 2009-2010 news flow
#msg-33498974 Tidbits from Nov 2008 DB webcast
#msg-29053373 Tidbits from May 2008 DB webcast


Valuation and finances
#msg-35548032 4Q08 financial results: $108.5M cash balance
#msg-29008722 Musings on valuation (somewhat dated)
#msg-3397119 2004 IPO at 6.50/sh
#msg-8410708 Poison pill adopted (11/8/05)
#msg-25377212 Standstill agreement with NVS expired on 7/25/08
#msg-35646213 Table of recent biotech buyouts


Management and BoD
#msg-33986175 Composition of Board of Directors
#msg-33979910 James Sulat appointed Chairman of Board
#msg-12824293 CEO, Craig Wheeler, hired from Chiron
#msg-35676945 Major shareholders
#msg-33986764 Insider shareholdings


Generic Lovenox program
#msg-35570519 Lovenox sells $3.8B/yr, 60% in US
#msg-35544866 Single generic would be largest-selling of all time
#msg-33862924 Sandoz pays the freight
#msg-33839164 Profit split depends on # of generics
#msg-33892399 Musings on MNTA’s slice of Lovenox pie
#msg-33839413 Estimated royalty if multiple generics
#msg-12685766 Royalty payable to MIT
#msg-33857504 Musings on an AG launch by Sanofi (zipjet, bullish)
#msg-34006751 Musings on an AG launch by Sanofi (BI, bearish)
#msg-32449872 Sandoz submits response to FDA
#msg-35090820 Why the Lovenox ANDA’s have taken so long to process
#msg-33858393 What about ANDA’s from Teva and Amphastar?
#msg-35170055 Amphastar’s 180-day ‘exclusivity’ expires on 3/31/09
#msg-33960572 HSP filed ANDA for vial only
#msg-26739674 Lovenox US market share
#msg-28936334 What indications do Lovenox sales come from?
#msg-12222305 2006 agreement extends partnership to EU
#msg-29728035 How generic Rx’s are written in EU


M118 (proprietary anticoagulant) program
#msg-26897124 “Checklist” rationale for M118 program
#msg-26900300 M118 has blockbuster potential
#msg-32382532 Program update from UBS webcast (9/23/08)
#msg-29698599 M118 vs new oral anticoagulants
#msg-27272430 Meeting an unmet need
#msg-26898084 How M118 binds both FIIa and FXa (graphic)
#msg-32382585 M118 clinical trials
#msg-31029674 Musings on lack of drug interactions


Generic Copaxone program
(See separate section below on the competitive landscape in MS.)
#msg-30621490 FDA accepts Copaxone ANDA for review
#msg-30938608 MNTA/Sandoz have first-filer status
#msg-33580867 MNTA/Sandoz allege inequitable conduct
#msg-30960930 List of Copaxone patents being challenged
#msg-12222305 Copaxone falls under 2006 collaboration
#msg-30649453 Notes from 7/11/08 Copaxone conference call
#msg-30647865 “Controlled chaos” and reverse engineering
#msg-35326613 FDA approves Copaxone for CIS


Follow-on Biologics (FoB) programs
#msg-27114485 US FoB’s are a question of when not if
#msg-35247466 Congressional action in 2009 unlikely, however
#msg-26837144 Salient FoB quote from MNTA’s CEO
#msg-35477216 Momenta’s Mantra on FoB’s
#msg-35607204 Biogenerics vs biosimilars
#msg-12222305 2006 PR announcing FoB deal with Sandoz
#msg-34383144 $178M in remaining potential milestones
#msg-34383579 What is M178? (table of biologic patent expirations)
#msg-20699044 Largest-selling biologics by class
#msg-33866262 Reference website for FoB’s


Competition: anticoagulants
#msg-34108304 Anticoagulant index
#msg-29698599 Competition from new oral anticoagulants
#msg-33630772 CHEST 2008 study on Lovenox vs Arixtra
#msg-28934131 Musings on Arixtra


Competition: multiple sclerosis
#msg-35065247 Comparative efficacy of approved MS drugs
#msg-35647813 Copaxone is cleaning Tysabri’s clock
#msg-35710692 Dissenting opinion from ‘srsmgja’
#msg-31152081 Worldwide market shares in 4Q08
#msg-31152081 Worldwide market shares 2004-mid 2008 (with chart)
#msg-31553565 Musings on MS drugs in development (genisi)
#msg-35023606 Merck Serono’s phase-3 Cladribine data
#msg-31515145 FTY720 runs into a safety setback…
#msg-34138665 …but shows good results, all told, in first phase-3 trial
#msg-31519342 MS drugs in phase-2 or phase-3
#msg-34832939 Musings on Campath (with another table of MS drugs)
#msg-29902618 Mylan enters the Copaxone fray—sort of.


Competition: miscellaneous
#msg-33839321 Procognia is not a serious competitor
#msg-33597614 Also-ran companies in the FoB arena


Feature stories on MNTA and related topics
#msg-27286206 Boston Globe (3/08)
#msg-25160571 WSJ (12/07)
#msg-25933221 Bioworld (11/07)
#msg-23005127 Nature (9/07)
#msg-20308884 Lab Technologist (6/07)
#msg-25803923 The Pink Sheet (3/07)
#msg-13119848 Chemical & Engineering News (9/06)
#msg-12686142 Boston Globe (8/06)
#msg-7370282 WSJ (8/05)
#msg-25779774 Boston Globe re IPO (11/04)
#msg-2220442 Boston Globe (1/04)
#msg-33867074 Signals (9/03)