Biotech Values

[biomaven0]

The only way I get close to $8 is if M-Copax stays in never-never land.

Even then I don't get close to $8. Worst reasonable case would be that MNTA has about $6 in cash at the time of T-enox approval (thanks to IJ on SI for that estimate), and then you have to add the NPV of the royalty stream. Add to that, even if you take a relatively negative view of the prospects for M-Copax approval (as I do), it still has a significant expected value.

Peter