Replies to post #227059 on Biotech Values

[DewDiligence]

NVS-MDCO slide #11: Inclisiran is patent-protected until 2035 (US) / 2036 (EU).

[DewDiligence]

NVS-MDCO addendum: The effective deal value is $9.0B (rather than the $9.7B nominal value) because MDCO has $200M in net cash and NVS will receive a $500M NPV tax benefit from MDCO’s NOLs (according to NVS’ CFO on today’s CC).

[DewDiligence]

NVS 12/5/19 R&D Day slides:

https://www.novartis.com/sites/www.novartis.com/files/2019-12-05-novartis-r-d-day-investor-presentation.pdf

[DewDiligence]

NVS closes MDCO acquisition—only 6wks from announcement to consummation:

https://www.globenewswire.com/news-release/2020/01/06/1966217/0/en/Novartis-completes-tender-offer-for-all-outstanding-shares-of-The-Medicines-Company.html

For speed, a tender offer (with no shareholder vote) is the way to go.

[DewDiligence]

CHMP approves NVS’ Leqvio (inclisiran) for hypercholesterolemia or mixed dyslipidemia:

https://www.globenewswire.com/news-release/2020/10/16/2109800/0/en/Novartis-receives-positive-CHMP-opinion-for-Leqvio-inclisiran-a-potential-first-in-class-siRNA-for-the-treatment-of-high-cholesterol.html

Rubber-stamping by the European Commission will follow in 2-3 months.

[DewDiligence]

NVS CRL_for Inclisiran—FDA_hasn’t_yet_inspected_manufacturing_facility_in_Italy:

https://www.globenewswire.com/news-release/2020/12/18/2148121/0/en/Novartis-receives-complete-response-letter-from-U-S-FDA-for-inclisiran.html