Biotech Values

[DewDiligence]

Re: M118 partnership musings

The big numbers in the BMY-PFE Apixaban partnership pertained to multiple indications, not just ACS. Notwithstanding the failure in ACS, Apixaban will likely be a big-selling drug in AF/stroke prevention, where its efficacy was sufficiently strong for the phase-3 AVERROES study to be stopped early (#msg-54576974).

Thus, while the BMY-PFE Apixaban partnership is a yardstick of sorts for M118, it is not directly comparable because the Apixaban development program has a much broader scope—and a much bigger price tag—than what is envisioned for M118.

Perhaps a better comparator for what can be expected from an M118 partnership is the 2009 MRK-Portola deal for Betrixaban, which is geared to one indication (#msg-39388813). MNTA might be able to do somewhat better than Portola inasmuch as MNTA’s technology is proven and M118, unlike Betrixaban, is sui generis.