Biotech Values

[DewDiligence]

Biobucks Cheat Sheet for BAX-MNTA FoB Collaboration (revised)

[Updated to show amounts attributable to M511, which was discontinued
on 12/20/13 (#msg-95157732). If M511 is not replaced, the amounts
attributable to it will never be paid.]

 
                             Likelihood  
                     Amount  being paid  
    
 Up-front             $33M   Certain. 
    
 Pre-submission  
 technical/devlpmnt  
 milestones           $91M   Undisclosed portion for M923 & M834 
                             likely; $14M pertained to M511. 
                               
    
 BAX option exercise  
 on FoB’s #3-#6       $28M*  Depends on collaboration progress 
                             with first two compounds. 
 Regulatory-  
 approval  
 milestones          $300M   Many moving parts—full amount 
                             unlikely; $50M pertained to M511.  
    
 =================   =====  
 Total biobucks      $452M‡

*Excluding $20M ($5M x4) for extending the expiration of BAX’s options on compounds #3–#6.

‡$64M of total pertained to M511.