Biotech Values

[DewDiligence]

You won’t find evidence of the 50/50 split of Lovenox development costs in MNTA’s SEC filings because all of the numbers have been redacted, nor will MNTA provide precision on this matter because of the confidentiality provisions of the 2003 agreement with NVS.

However, on 3-Sep-2008, I listened to a half-day webcast by Sandoz that focused on its aspirations for difficult-to-make generics such as Lovenox and Copaxone. My notes from the Q&A sessions of this webcast state that, according to then-CEO of Sandoz, Andreas Rummelt, NVS fronted 100% of the Lovenox development costs and the net effect after all reimbursements is approximately a 50/50 split of these costs with MNTA.

(For Copaxone, which is covered by a separate agreement with NVS struck in 2006, the terms of the agreement allow MNTA to publicly disclose that the development costs are split 50/50.)