Biotech Values

[Marvelmeister2002]

MNTA Valuation

Apologies if anyone has already posted this work, but I'd love to hear any thoughts on "worst reasonable case" MNTA valuation assuming that TEVA gets approval (which the market seems to be at least partly pricing in here, regardless of whether or not that really makes sense).

I'm trying to assess whether MTNA is cheap here even assuming every possible negative (with TEVA getting approval being a big one). I suspecct that it is, but would appreciate input on that.
MM