Biotech Values

[10nisman]

MNTA...

What we know is the market has priced in tL approval and MNTA is currently trading slightly below its mL + cash + A/R + NOL value (assuming tL approval).

Cash & A/R at 12/31/2010 $220 million
mLovenox (4 months sole generic) $100-120 million
NOL at 04/01/2011 (tax effected) $ 40-50 million
mLovenox ($50 million annual x 8 multiple) $400 million
Total $760-790 million or $14.00-14.70/share

Other...
All other assets (mCopaxone, IP/FOBs, etc.) $??? million
Will MNTA be successful in a sales injunction or patent infringment case (Lovenox)?

10nis