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Regulardoc

02/16/12 1:19 PM

#8645 RE: DewDiligence #8639

Creative solution for the WPI/MNTA issue (ignoring the unknown financial exposure/litigation exposure that WPI has with Amphastar) is for WPI to offer a buyout of MNTA for $22 a share. They would have access to MNTA's cash hoard, access to perhaps $30-40 million income stream annually from m-enox, the NVS-Copaxone milestone payments,and possible future m-copax revenues. It would take the legal exposure off the table relating to MNTA and have a viable biosimilar program with a partner in place.

Would cost them less than $800 million to enact, assuming no additional bidder.

$22 price is a 35--40% market premium.