Outlook for Momenta Pharmaceuticals |
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By Patrick Crutcher |
Monday, 30 August 2010 00:25 |
Investors will still have a lot to look forward to with MNTA. NVS 3Q2010 financial results on October 21, will presumably give an indication to generic-Lovenox sales. MNTA has 50% revenue sharing agreement, based on them being the sole generic competition to SNY’s Lovenox. MNTA’s earnings announcement for 3Q2010 will be on November 1. Additionally, MNTA still has an ANDA for Copaxone (M356) with the FDA. They are currently in patent infringement litigation with TEVA over Copaxone, which they are currently awaiting a claims-construction ruling on the merits of TEVA’s patent claims against MNTA. The expiration of 30-month Hatch-Waxman period pertaining to NVS/MNTA’s Copaxone ANDA ends in February 2011, barring any further litigation efforts from TEVA. Copaxone is leading treatment for multiple sclerosis with global sales in 2009 of over $2.8 billion. Late last week, via theflyonthewall.com, analysts at Rodman & Ramshaw “reiterates its view that Momenta Pharmaceuticals (MNTA) should be on major generic and big pharma companies "to-acquire" watch list following the July 23rd approval of the m-Enox ANDA, which validated Momenta's technology. The firm views Novartis (NVS) as the most logical acquirer among big pharma and Teva (TEVA) at the top of the list among generics." They subsequently upped their target price from $24 to $32, following the refusal of a preliminary injunction. Clearly, if MNTA’s generic Lovenox is the sole generic competitor(TEVA and WPI have pending ANDA’s for generic Lovenox) on the market for a substantial period of time(1 year or greater), NVS will be paying out a lot to money to MNTA. This is also disregaring any potential positive news regarding Copaxone litigation and/or FDA related news regarding their application. Regardless, MNTA appears to have a bright future.
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