Biotech Values

[zipjet]

only one sell-side analyst has said that they expect TEVA approval by end of year. All the rest say TEVA is at least a year if not longer or ever from approval.

What they say matters little. They don't know. TEVA does not know.

We do have some facts from which we can make arguments and infer the outcome.

We do know enough about the royalty case to allow us to form an opinion of the value of MNTA for that low case. Anything we pay over that value is at risk against the possible reward flowing from mL profit sharing, other products and platform value.

Given a stagnant economy, I like the non-correlated aspect of owning MNTA.

ij