Momenta Pharmaceuticals, Inc. (MNTA)

[DewDiligence]

Agree that they could split the increased NPV from a settlement differently than they split the potential liability. But i would suggest that the split in liability signals the intended split of a settlement.

If the negotiated settlement includes a modestly delayed Amphastar launch (e.g. until 2014), then a 50/50 split of the settlement NPV implies that MNTA would keep most—or all—of the royalties on Amphastar’s sales, which is consistent with what I’ve been saying for some time.