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| Momenta Pharmaceuticals
and Sandoz Sign Exclusive Collaboration to Develop Complex Generics and
Follow-On Versions of Biotechnology Drugs |
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Focus
on developing four complex generic and follow-on biotechnology drugs,
capitalize on Momenta’s complex product characterization technology
Commitment of up to $263 million for four major products CAMBRIDGE, MA — July 25, 2006 — Momenta Pharmaceuticals, Inc. (Nasdaq: MNTA), a biotechnology company specializing in the characterization and engineering of complex drugs, today announced an exclusive collaboration with Sandoz, the generics business of Novartis, to develop four follow-on and complex generic versions of previously approved recombinant biotechnology and complex drugs. As part of the collaboration, Sandoz will make an initial payment of $75 million to Momenta for the purchase of approximately 4.7 million shares at a price of $15.93 per share, a 30% premium to the trailing 30-day average. Momenta is also eligible to receive up to $188 million in additional payments if all milestones are achieved for the four product candidates. The collaboration will include one late-stage compound from Momenta’s pipeline and two late-stage compounds from Sandoz. The collaboration also expands the companies’ existing U.S. partnership on M-Enoxaparin, which was established in November 2003, to the European Union. M-Enoxaparin is a technology-enabled generic version of Lovenox®, a low molecular weight heparin indicated for use in treating deep vein thrombosis (DVT) and several cardiovascular conditions. In August 2005, an Abbreviated New Drug Application (ANDA) was submitted to the U.S. Food and Drug Administration seeking marketing approval for M-Enoxaparin. The two companies will jointly develop, manufacture and commercialize all of these candidates, and share the profits from the sales of all products under separate profit share arrangements for each product, including an equal profit split specifically on the product candidate from Momenta’s pipeline. “Complex generics and follow-on proteins are one of the most rapidly evolving areas of product development in the pharmaceutical industry,” said Alan Crane, CEO of Momenta. “With this partnership, we believe we will be well positioned to capitalize on this untapped potential and realize significant product value. Sandoz’ decision to partner with Momenta across a spectrum of products highlights the broad potential of our analytic technology and the role that it can play in helping to set the standard for bringing well-characterized complex generic and follow-on protein products to market.” The product candidates in the collaboration will all leverage Momenta’s characterization technology, which enables the detailed chemical sequencing and analysis of complex mixtures. Momenta’s goal is to apply its technology to create generic and follow-on versions of complex drugs and biologics, which have been difficult to thoroughly characterize. The collaboration will also leverage the global capabilities and infrastructure of Sandoz for developing, manufacturing, and marketing complex drugs. The purchase of Momenta shares and the collaboration are subject to customary regulatory reviews and approvals, including antitrust review under the Hart-Scott-Rodino Antitrust Improvements Act. Conference Call Information About Momenta To receive additional information about Momenta, please visit the website at www.momentapharma.com, which does not form a part of this press release. Forward Looking Statements Our logo, trademarks, and service marks are the property of Momenta Pharmaceuticals, Inc. All other trade names, trademarks, or service marks are property of their respective owners.
Mike Lawless Valerie Threlfall Sandoz Contacts: Kurt Leidner John Gilardi
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