I wouldn't look for much of anything "upfront" unless it were an equity purchase. This is how the Novartis deal for copaxone was structured. Novartis paid $75M upfront but they got equity. Biogenerics are too expensive to expect novel drug like deals with whopper upfront payments. I would expect something similar to the copaxone deal or modestly less upfront, likely in equity, or much smaller non-equity (say $25M) plus milestone payments and 50/50 profit split. If 4 compounds, I would expect far less upfront than your assumption since chances are Momenta has yet to fully characterize all 4. Full characterization plus substantial progress on manufacturing would be worth more as much of the initial risk would be mitigated.
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