Biotech Values

[dink00]

"It matters little in the end for MNTA, provided that there is no additional market entrant by YE"

I don't disagree. If there is no third entrant this is definitely a minutia and not consequential. However, it would matter a little if you want to estimate the worst case for MNTA when there is a third entrant in the NEAR term. For instance, for argument sake say FDA "tricks" us on halloween and approves tLovenox that day. Per my calculations with reasonable assumptions (30% cost of goods, 3M revenue of mLovenox per day roughly now), in the deal structure as described by Dew Vs other one that is floated around, the development expenses may be paid off in either case, but there is a difference of 30 million in the cash position of MNTA, which isn't insignificant to a company of MNTA's size. Another way to look at it is, if the development costs are paid off early, every day that TEVA doesn't get approval MNTA gets 1 million (pre-tax) roughly from NVS. Gives that much better cushion on the downside as the clock is ticking.

But if you believe that TEVA won't get approval near term this is definitely moot and minor point.