DEERFIELD, Ill. & CAMBRIDGE, Mass.--(BUSINESS WIRE)--
Baxter International Inc. (NYSE:BAX) and Momenta Pharmaceuticals, Inc.
(NASDAQ:MNTA) today announced that they have entered into a global
collaboration to develop and commercialize follow-on biologic products,
also known as biosimilars. Biosimilars replicate existing, branded
biologics used in the treatment of a variety of diseases including
cancer, autoimmune disorders and other chronic conditions. With this
collaboration, Baxter will leverage its leading clinical development and
biologic manufacturing expertise, global leadership in sterile
injectables and global commercial capabilities, while Momenta will
provide its expertise in high-resolution analytics, characterization,
and product and process development.
Under the terms of the agreement, Baxter will make an upfront cash
payment of $33 million to Momenta related to the collaboration for up to
six follow-on biologic compounds. Baxter may make additional payments
over the next several years for the development of the compounds,
contingent upon the achievement of technical, development and regulatory
milestones with respect to all six products.
"Baxter is an established leader in biologic treatments for a variety of
diseases. As biologics have become an increasingly important part of
patient care, the collaboration with Momenta allows us to tap both
companies' expertise to expand access to these important therapies,"
said Ludwig Hantson, President of Baxter's BioScience business. "The
collaboration complements Baxter's early-stage pipeline and allows the
company to expand its leadership in biologics at a time when the global
regulatory pathway for approval is becoming more clear."
"Momenta and Baxter share a common goal in this collaboration — to
create interchangeable biologic products by taking advantage of
Momenta's innovative physicochemical and biologic characterization
capabilities, coupled with a quality-by-design approach to process
development," commented Craig Wheeler, President and CEO of Momenta. "We
are thrilled to have Baxter as a partner. Baxter's global footprint and
extensive development, manufacturing and commercial expertise are
exactly what we need to succeed in building a leading follow-on
Baxter and Momenta expect to close the transaction in the first quarter
of 2012, subject to customary closing conditions including the
expiration of the waiting period under the Hart-Scott-Rodino Antitrust
About Baxter International Inc.
Baxter International Inc., through its subsidiaries, develops,
manufactures and markets products that save and sustain the lives of
people with hemophilia, immune disorders, cancer, infectious diseases,
kidney disease, trauma and other chronic and acute medical conditions.
As a global, diversified healthcare company, Baxter applies a unique
combination of expertise in medical devices, pharmaceuticals and
biotechnology to create products that advance patient care worldwide.
Momenta Pharmaceuticals is a biotechnology company specializing in the
detailed structural analysis of complex drugs. Momenta is applying its
technology to the development of generic versions of complex drug
products, as well as to the discovery and development of novel drugs.
Momenta was founded in 2001 and is headquartered in Cambridge, Mass.
This release includes forward-looking statements concerning a
collaboration agreement between Baxter International Inc. and Momenta
Pharmaceuticals, Inc., including expectations with respect to the
closing of the transaction and milestone payments. The statements are
based on assumptions about many important factors, including the
following, which could cause actual results to differ materially from
those in the forward-looking statements: satisfaction of closing conditions,
including expiration of the waiting period under the Hart-Scott-Rodino
Antitrust Improvements Act; satisfaction of regulatory and other
requirements; actions of regulatory bodies and other governmental
authorities; changes in laws and regulations; product quality or
patient safety issues; and other risks identified in each of the
company's most recent filings on Form 10-K and other SEC filings. Neither
Baxter nor Momenta undertakes to update its forward-looking statements.
Brian Kyhos, (847) 948-4210
Spak, (847) 948-2349
Biomedical Communications, (781) 235-3068
Mary Kay Ladone, (847) 948-3371
Trachtman, (847) 948-3085
Source: Baxter International Inc.
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