Biotech Values

[DewDiligence]

Estimated Value of MNTA’s Non-Lovenox Assets

Updated from prior version in Jun 2011. Based on FDA approval of Amphastar’s
generic Lovenox, I’ve lowered the value ascribed to MNTA’s technology platform
that is separate from all of the announced programs from $525M to $275M; the
reason for the reduction—and the reason for not reducing the value even more
—is explained in #msg-67226273. (Note: I ascribe no separate value to MNTA’s
tax losses because I consider the NOL’s to be part of MNTA’s Lovenox asset.)

 
                             Estimated    
 Asset                     Value ($ Mln)   
 50% of NVS-MNTA   
 Copaxone collaboration         450  
    
 M118                             0  
    
 M402                            50  
    
 Worldwide rights to MNTA’s   
  proprietary technology for   
  all applications other than   
  Lovenox/Copaxone/M118/M402   †275  
      
 Cash and receivables          ‡400  
    
 ===========================  =====  
 All non-Lovenox assets       1,175

†See #msg-67226273.

‡Estimate for end of 3Q11.

JMHO, FWIW