Biotech Values

[DewDiligence]

Valuation of MNTA’s non-Lovenox assets:

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

I’ve posted extensively on the various Lovenox scenarios, so I won’t repeat that discussion here. For the non-Lovenox components of MNTA’s business, I try to place a value on each of a set of hypothetical companies that owned one component of MNTA’s asset estate and nothing else. For modeling purposes, I use the following numbers:

 
  
                             Estimated  
 Asset                     Value ($ Mln)   
 Worldwide rights to M118       150 
  
 50% of NVS-MNTA 
 Copaxone collaboration         250 
  
 Worldwide rights to M402        50 
  
 Worldwide rights to MNTA’s 
 proprietary technology for 
 all applications other than 
 Lovenox/Copaxone/M118/M402     600 
  
 Net cash                        70 
  
 *NOL’s                           0* 
 ===========================  ===== 
 All non-Lovenox assets       1,120 

*I ascribe no separate value to the NOL’s because I consider them integral to MNTA’s Lovenox asset.

JMHO, FWIW