Biotech Values

[zipjet]

The $250M of value I ascribed to half of the NVS-MNTA Copaxone collaboration could well be conservative. This number will surely have to be raised if the ruling on the Markman hearing suggests that the Copaxone patents in question won’t stand up to legal scrutiny.

Sure. You have apply a big discount for possibility of non-approval or delays in approval. If the patent is more likely to fall (something the Markman hearing may signal), or is invalidated (grant of sj), then the time to market is reduced*.

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* Of course that does not assure approval.