Biotech Values

[DewDiligence]

…MNTA and BAX concur on fact that the Market share for mBio is going to be a lot lower than you believe.

Wrong interpretation, IMO. It’s not that the companies expect the market share for interchangeable FoB’s to be lower than I think it will be, but rather that there’s a non-trivial risk that interchangeable FoB’s will not pass muster with regulators. Since BAX is bearing a sizable portion of this risk, BAX is entitled to be compensated for this risk in the way the deal is structured.