Momenta Pharmaceuticals Acquires Assets From Virdante Pharmaceuticals
CAMBRIDGE, Mass., Dec. 5, 2011 (GLOBE NEWSWIRE) -- Momenta Pharmaceuticals, Inc. (Nasdaq:MNTA), a biotechnology company specializing in the characterization and engineering of complex drugs, today announced that it has signed an agreement to acquire the Sialic Switch assets of Virdante Pharmaceuticals, Inc., including intellectual property and cell lines, relating to the sialylation of intravenous immunoglobulin (IVIG) and other proteins. Momenta made an upfront payment of $4.5 million and may make additional contingent milestone payments, which, if all development and regulatory milestones are achieved, will total $51.5 million.
"Virdante's Sialic Switch technology represents an exciting approach to potentially regulate anti-inflammatory activity of proteins," said Ganesh Venkataraman, Ph.D., Chief Scientific Officer of Momenta Pharmaceuticals, Inc. "Sialylation complements our existing technology platform and we look forward to advancing this technology in development programs, including biobetters and novel products."
Virdante, a venture-backed biotechnology company, was founded in 2008 to apply its Sialic Switch technology to develop novel therapeutic treatments for autoimmune and inflammatory disorders. Virdante's Sialic Switch technology is based on the principle of activating a novel anti-inflammatory pathway by specifically sialylating Fc-linked glycans of IgG antibodies.
Momenta Pharmaceuticals is a biotechnology company specializing in the detailed structural analysis of complex mixture 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 based on technology initially developed at Massachusetts Institute of Technology and is headquartered in Cambridge, MA.
To receive additional information about Momenta, please visit the website at www.momentapharma.com, which does not form a part of this press release. 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.
CONTACT: Beverly Holley
Director, Investor Relations
Source: Momenta Pharmaceuticals
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