Biotech Values

[DewDiligence]

As a backgammon player, I like the fact that I have multiple ways to win the bet. My main vig, of course, is that Teva never gets FDA approval because its drug is not close enough to branded Lovenox. But I also have the minor incremental vig that Teva gets FDA approval but MNTA follows with an immediate request for an injunction that is granted based on patent infringement.

The backgammon analogy is having a wining position where your opponent has once last chance to hit a blot and then trap your hit checker behind a full prime. I.e. you win easily when your opponent misses the shot and you occasionally eke out a win even when he does. The incremental vig from such unlikely parlays greatly affects the proper handling of the doubling cube and is, in large part, the difference between great players and merely good ones.