Biotech Values

[DewDiligence]

MNTA nugget from Bernstein report dated 3/16/12 (sorry, no link):

MNTA’s deal with Sandoz is not irreversible… We had initially thought that, no matter the [Lovenox patent-infringement] trial outcome, once WPI launched, MNTA could never recapture higher revenues from Lovenox. Speaking with management, we learned that this is not the case — an “entry and exit” [of a competing generic] was not an eventuality contemplated by the initial [2003] agreement. This issue has now been addressed by the two companies. MNTA was not willing to be specific, but for modeling purposes we assume it would be about half the value of the pre-WPI-launch hybrid structure.

If true, an un-launch of the Amphastar/WPI generic via a settlement or judgment could produce a material upside for MNTA apart from any monetary damages recovered from the infringing companies.