Replies to post #198776 on Biotech Values

[DewDiligence]

...Baxalta defrayed their MNTA/Humira investment by selling "some interest"...

Indeed you are correct—the info is in BXLT’s S-1/A filing for the spin-off from BAX:

http://www.sec.gov/Archives/edgar/data/1620546/000119312515309472/d76818ds1.htm

Baxalta is collaborating with Momenta Pharmaceuticals, Inc. on the development and commercialization of adalimumab (BAX 923)(f/k/a M923/BAX 2923), a biosimilar product candidate for HUMIRA, which is currently in early-stage development.

…In June 2015, Baxalta entered into an agreement with SFJ Pharmaceuticals Group (SFJ) relating to BAX 923 whereby SFJ will fund up to $200 million of specified development costs related to Baxalta’s BAX 923 program in exchange for payments in the event the product obtains regulatory approval in the United States and/or Europe.

The contingent success payments, which would total approximately 5.5 times the incurred development costs, would be payable in annual installments over an eight-year period following the dates of regulatory approval.