Biotech Values

[DewDiligence]

I think TEVA wins on both counts.

By “two counts” do you mean the business standpoint and the medical standpoint?

…the low volume formulation showed less pain & fewer & less severe reactions.

Subjective measurements such as these are notoriously unreliable in an open-label study.

if the new formulation succeeds in extending the patent protection.

The new formulation has no effect on the Orange Book patents that are the subject of litigation between Teva and NVS/MNTA, and hence it cannot prevent or retard the launch of generic Copaxone by NVS/MNTA. At best, the new formulation will give Teva a new branded product that will have to be actively marketed and figures to have tepid demand from physicians, especially if new oral agents such as Gilenia are available by then.

The only pitfall I can see for NVS/MNTA is that they could overplay their cards by charging too high a price for generic Copaxone, allowing Teva to compete on price with the low-volume formulation (assuming it’s approved by then). Provided that NVS/MNTA avoid this pitfall, I can’t see how Teva’s low-volume Copaxone can be more than an afterthought in the marketplace.