Biotech Values

[zipjet]

Re: MCH on MNTA

they completely discount the ongoing revenuse stream from lovenox royalty in a multiple generic scenario (+73c/share to -35c/share = -1.08c/share).*
sure overhead is going up modestly - some 3M/quarter (which is presumably why they say "-1.08c OR MORE"), but even the most consevative estimates for royalty has MNTA generating >5M a quarter, and more likely 10M a quarter

We can criticize their numbers and assumptions which I agree are conservative, perhaps tooooo conservative. But they lay out the valuation model in Part B in detail. Assumptions are always in the mind of the author.

I consider the financial work up a quality job.

I also found some insights in the report that I have not seen anywhere. Another indicia of quality.

Respectfully,

ij