Biotech Values

[DewDiligence]

It makes no difference to the end result whether: a) NVS applies 50% of the Lovenox operating profit toward recouping its development costs and then gives MNTA a 45% share of the remaining 50%; or b) NVS allocates 45% of the entire Lovenox operating profit to MNTA and then applies 50% of that toward recouping NVS’ development costs before arriving at the amount to pay MNTA. In either case, MNTA ends up with 22.5% of the Lovenox operating profit until NVS has fully recouped its development costs.