Replies to post #198910 on Biotech Values

[DewDiligence]

Re: MNTA’s liquidity

The most important disclosure from today’s CC that isn’t in today’s PR is that MNTA expects to receive $60M of the $200 in potential milestone payments from MYL during 2016—in addition to the $45M up-front amount (#msg-119712575).

The $105M total expected from MYL during 2016 along with the almost $400M of cash on MNTA’s balance sheet at 9/30/15 (#msg-118231688) gives MNTA a strong liquidity position.

[DewDiligence]

MNTA 2016-2017 News Flow

[Miscellaneous updates from 4Q15 CC.]


FoB program

• Mid 2016: Start phase-1 trial for Orencia FoB.

• Sep 2016: Oral arguments in USPTO inter partes review on BMY’s US Orencia patent.

• Late 2016/early 2017: Report phase-3 data for Humira FoB in psoriasis. 351(k) submission to FDA in 2017 with projected US launch in 2018 (subject to patent litigation—see #msg-118781959).

• 2016: MNTA expects to earn $60M in milestone payments from MYL (out of the $200M total) for meeting undisclosed FoB milestones.

• Jan 2017: USPTO decision on Orencia IPR.

• Timing unknown: Disclosures re five FoB compounds other than Orencia in MYL-MNTA partnership.


Glatopa & 40mg-Copaxone programs

• 2016: FDA GDUFA date for NVS/MNTA’s 40mg-Copaxone ANDA (see discussion in #msg-120661209).

• 2-May-2016: USPTO inter partes review of Teva’s three Orange Book patents on the 40mg formulation of Copaxone. (Approximately 80% of patents where the USPTO grants an IPR are ultimately invalidated; if Teva’s 40mg Copaxone patents are invalidated, MNTA could launch a generic version of 40mg Copaxone, with FDA approval, as soon as Jan 2017, when Teva’s Hatch-Waxman exclusivity on the 40mg formulation expires.)

• Aug 2016: USPTO decision on 40mg-Copaxone IPR (see above).

• 26-Sep-2016: US District Court trial begins on Teva’s 40mg Copaxone patents (if not mooted by IPR mentioned above).


Lovenox program

• 2016: US District Court trial of NVS/MNTA vs AMPH/AGN on infringement of MNTA’s Lovenox patents, which could result in substantial damages payable to NVS/MNTA. (The Appellate Court remanded the case to the District Court on 11/10/15, finding that AMPH/AGN are not protected by the Hatch-Waxman Safe Harbor: #msg-118404904, #msg-115468100.)


Necuparanib program

• 2H17: Report data from phase-2 data trial in pancreatic cancer. (Trial listing at: http://www.clinicaltrials.gov/ct2/show/NCT01621243 .)


Sialylated IVIG program

• Mid 2016: Start phase-1 trials for first two of three sialylated-IVIG candidates (of which two are recombinant and one is plasma-derived). The third candidate will start phase-1 in 2017.