Biotech Values

[zipjet]

The reference was to "tech/patents".

Some of the technology developed by MNTA undoubtedly relates to the two biologics they have worked on that lead to this deal. It would be unreasonable and contrary to experience to assume that technology and any patents that may come from that work is not exclusively licensed to Baxter.

Further, you have argued that Humira is the biggest FoB opportunity in the field.

To now argue that MNTA is equally valuable to a buyer does not follow. Some of that value has now flowed to Baxter.

Therefore, MNTA is a less desirable and less valuable as a buyout to any firm that wanted those opportunities.

The other side is that MNTA will become more valuable to a cash-flow buyer should the pipeline produce.

ij