Momenta Pharmaceuticals, Inc. (MNTA)

[DewDiligence]

Re: NPV of MNTA's Lovenox royalties

On the webcast today, Rick Shea clarified the enox economics a bit (even more than yesterday). He says the market is now "roughly $1b a year range" and that Sandoz has 30% of the market… he expects sandoz to be in the 60-75m range for Q4.

If we take this at face value, it means that my $125M estimate in #msg-81504404 of the NPV of MNTA’s full-taxed Lovenox royalties is considerably too low.

Based on a $240-300M run rate for NVS, the NPV of MNTA’s fully-taxed royalties would be in the $150-190M range (using the same 10x multiple as in #msg-81504404).