Momenta Pharmaceuticals, Inc. (MNTA)

[DewDiligence]

In the settlement terms I hypothesized in #msg-67801477, MNTA keeps the entire 20% royalty from Amphastar, while NVS is compensated implicitly by the switch from owing MNTA 45% of NVS’s Lovenox profits to owing MNTA only a low-double-digit % of NVS’ Lovenox sales. Under the hypothesized terms, NVS also benefits greatly from Amphastar’s delayed launch.