Biotech Values

[DewDiligence]

MNTA's milestone payments /accounting for money from NVS:

Any idea how MNTA is paid i.e. July sales August 15?

I do not understand what you are asking—please clarify.

How will they report revenues from M-L? As paid by Sandoz or a number derived from quarter sales?

MNTA will report the amount paid to it by NVS on the Collaboration revenue line on MNTA’s income statement.

When do you guess more milestone payments will kick in?

The $5M milestone NVS paid to MNTA for FDA approval of generic Lovenox will be recorded by MNTA as 3Q10 revenue on the Collaboration revenue line. (I.e., the $5M amount will be not be amortized.)

Additionally, NVS will pay MNTA an undisclosed amount on each of five anniversaries of the 23-Jul-2010 US Lovenox launch (probably the first, second, third, fourth, and fifth anniversaries, although the schedule might be different). Note that the anniversary milestones for the US Lovenox launch are separate from the $163M MNTA can potentially receive from NVS for milestones relating to Lovenox in the EU, specifically, and to the Copaxone program.