On today’s CS webcast, MNTA’s CFO, Rick Shea, said NVS’ Lovenox run rate is $240-300M, which is considerably higher than the $200M figure I used in my NPV analysis in #msg-81504404. If we take Rick Shea’s statement at face value, the NPV of MNTA’s fully-taxed royalty stream is $150-190M, using the same reasoning as in #msg-81504404.
On a per-share basis, MNTA’s Lovenox royalties—assuming no help whatsoever from the legal system—are worth about $3, and cash on hand is about $7. It follows that investors are currently paying essentially zero for the rest of the company.
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