Biotech Values

[marthambles]

MNTA - Barclays take on Markman Hearing

Today we attended the Copaxone Markman
Hearing.
? Arguments for both sides fairly evenly balanced -
both had strengths & weaknesses, w/Teva’s
arguments slightly more well laid out &
reasonable, in our opinion.
? The judge gave minimal insight regarding her
vlews.
? Ultimately, our perspective on likelihood of generic
competition remains unchgd - we do not expect
competition for several years, at least.
? While headlines from patent litigation may draw
attention, we continue to view the regulatory
barriers-to-entry as the most formidable part of
Copaxone life-cycle mgt strategy.
? See end of note for litigation summary.