Biotech Values

[DewDiligence]

I interpret the Judge’s wording (which came from NVS/MNTA) to mean that SNY/Winthrop hasn’t inked any new accounts with the AG since the PI went into effect on 10/28/11.

This is a positive development; however, investors should not fall into the trap of expecting that NVS will now restore the pre-AG profit-share arrangement for Lovenox in place of the “hybrid” post-AG arrangement. MNTA has made it crystal clear that there is no provision in the Lovenox contract with NVS that allows this to occur.