>>[if] Sanofi entered the market with an “authorized” generic distinct from its branded Lovenox, MNTA’s economic take would be somewhere in between the single-generic and multiple-generic cases. Most investors whose opinions I respect think this is an unlikely outcome...
Profit maximization for Sanofi supports that conclusion. But once Sanofi concludes that there is a series of generics coming they would want to offer their own "authorized" generic and try and capture a significant share before the others roll out. Same reason with one twist - maximize profits and a scorched-earth approach to generic competition.
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