Biotech Values

[iwfal]

Distribution of Issued Patents for pharma:

The following is crude (issue year minus filed year) and includes a few re-issues. But I think it gets the general point across:

Yrs	Pfizer	GSK	Amgen	Total	Pct 
 1	6	10	4	20	8.3% 
 2	11	3	17	31	12.9% 
 3	19	16	29	64	26.7% 
 4	12	10	23	45	18.8% 
 5	15	10	13	38	15.8% 
 6	7	7	7	21	8.8% 
 7	3	4	2	9	3.8% 
 8	3	1	3	7	2.9% 
 9	0	3	0	3	1.3% 
 10	0	1	0	1	0.4% 
 11	0	0	0	0	0.0% 
 12	0	0	1	1	0.4% 
 Total	76	65	99	240	100.0%

Other notes - This is based upon patents issued to the associated company in 2010. So none of these issued patents would be grandfathered under the old rules of patent term being issue date plus 17 years (So the companies are not generally incentivized to drag out the process because their patents are running down during all the time in the patent office)

wrt to MNTA:

1) The time through the patent process for the Momenta patents seems roughly normal.

2) The Enbrel patent is clearly 'abnormal' and thus likely to be by intent (not really a surprise given the miraculous timing of being issued at about the same time as the previous patent expires)