Momenta Pharmaceuticals, Inc. (MNTA)

[10nisman]

We disagree. MNTA would still be losing money, even with the original deal. I doubt that it would be in the 20s. Value will be driven by mCop approval (and hopefully eventually by the Baxter deal).

Losing money, huh? Not sure how you calculate losing money as MNTA was generating $50-65M a quarter in operating income when mLov was the sole generic. With today's burn rate MNTA would still be generating $30-45M a quarter in FCF or more than $2.50 in annual FCF. MNTA's balance sheet would have $10+/cash per share, no cash burn and the street would view MNTA as having one-of-a-kind technical abilities that would easily value MNTA in the high $20's.