Suffice to say, if MNTA gets taken out for just $20 + a CVR for mC I would probably not be a happy camper. I guess I would need more clarity on what value you would assign to the mC CVR. All things being equal though, I'd much rather have cash right now than some CVR that may or may not pan out down the road (depends on its exact terms of course.) I still have a CVR from LGND's takeout of PCOP that is in all likelihood going to expire worthless. So, I'm not a fan of the CVRs. ; )
As you note, and I agree, Momenta management probably sees their technology (especially as applicable to developing FoBs) their most valuable asset. I am hopeful that technology, along with mL and mC, will support a higher takeout price, if the takeout comes to fruition.
I think you have to look at it from the buyers perspective. I would prefer cash upfront too but I doubt they can agree on that upfront. I'd imagine a CVR along the lines of Genzyme's. Say $5 on approval, another $5 if first generic approved and maybe $5 on for each of first three anniveraseries remain sole generic.
Ligand management (Higgins) may have made some mistakes in the past but since I've been a shareholder I've been pretty impressed at how they cut costs and were creative in their deal making both in limiting dilution, paying peanuts yet giving the acquired entity a bone or two. I don't think they have done a bad deal since I've obtained them! (Well I believe the IL-9 Asthma drug was stopped recently but it was a relatively small outlay).
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