Biotech Values

[DewDiligence]

Your interpretation of the language in the SEC filing doesn’t make sense, IMO. You’re saying that MNTA would have to pony up an additional $15M for the bond in the worst-case scenario where the injunction were lifted and Amphastar launched, while I’m saying that MNTA has to pony up an additional $15M for the bond in the best-case scenario where the royalty-based period ends quickly because NVS’ sales of generic Lovenox remain strong.

The gist of the agreement, IMO, is that the more money MNTA is making, the more MNTA can afford to contribute to the bond.