Biotech Values

[jbog]

Dew,

I guess where I'm confused is in your cash flow/ profit model as explained in msg# 101267, you are suggesting that Momenta is responsible for 100% of Sandoz's total development costs.

I could understand if Momenta was responsible for 45% (profit percentage) of the costs, but it makes no sense for them to be responsible for 100% of them. Please keep the 10-K statement in mind.

Keep in mind, that while Momenta pays off their share (at an 50% cash flow rate) that Sandoz will also be collecting their 55% profit.

Would you think that if 6 months from now that if Teva is approved that some credits would flow back to Momenta?