Biotech Values

[DewDiligence]

As you pointed out, the rationale for [Teva’s FDA approval] was never that strong anyway.

But most investors—and nearly all sell-side analysts—disagreed with my thesis that Teva’s Lovenox program was inept. Had they agreed with my thesis, MNTA’s share price would have been trading in the 30s or 40s (or higher) prior to Amphastar’s FDA approval.

It would all hang on ‘886. There's an unpatented way around ‘466.

So what? MNTA needs only one blocking patent to prevent a generic Lovenox from launching. This is not an instance where 1+1=2, but rather where 1+1=1.15 or maybe 1.2.