Replies to post #101511 on Biotech Values

[DewDiligence]

Which companies are possible [M118] suitors then?

Any company not listed in #msg-53281197 is presumably a candidate.

What kind of upfront payment and % split can they expect to receive from a M118 deal?

You can look at the Apixaban and Betrixaban deals for guidance.

In the Apixaban deal (#msg-19134406), BMY:

• received $250M up-front from PFE;
• is eligible to receive $750M in clinical/regulatory milestones;
• pays 40% of worldwide development costs; and
• will receive 50% of worldwide net profits.

In the Betrixaban deal (#msg-39388813), Portola:

• received $50M up-front from MRK;
• is eligible to receive $420M in clinical/regulatory/sales milestones;
• pays none of the development costs;
• will receive a double-digit % royalty on worldwide sales.

[DewDiligence]

MNTA’s M118: Referring to the list of companies in #msg-53281197 who were presumed to be out of the running for partnering M118, two of these companies—BMY and PFE—could now conceivably be in the running.