Biotech Values

[10nisman]

50% of net profits on mC is more like 35% of mC total cash flow (assuming GM equals about 70%) - 18% is very meaningfully lower.

You are assuming a GM % that assumes no other generic Copaxone competitors --- which is likely not going to be the case. If GM % is closer to 50% (driven by lower pricing), the BAX partnership terms are in line with the MNTA's mC terms. In addition, the cost-profit share arrangement is in the same ball-park as the current mC arrangement.