Momenta Pharmaceuticals, Inc. (MNTA)

[floblu14]

Form 8-K for MOMENTA PHARMACEUTICALS INC

17-Feb-2015

Termination of a Material Definitive Agreement, Results of Operations

On February 16, 2015, Baxter International, Inc., on behalf of it and certain of its affiliates (collectively, "Baxter"), notified Momenta that it was terminating in part the Development, License and Option Agreement dated December 22, 2011 between Momenta and Baxter (the "Collaboration Agreement") as it relates specifically to M834, a product candidate being developed as a biosimilar of an originator biologic indicated for certain autoimmune and inflammatory diseases. The Collaboration Agreement remains in effect and unchanged with respect to M923, a product candidate being developed as a biosimilar of HUMIRA? (adalimumab).

Momenta retains all worldwide development and commercialization rights for M834. Pursuant to the terms of the Collaboration Agreement, Baxter has granted to Momenta a license, that survives the termination-in-part for M834, under, as applicable, the Baxter Intellectual Property and the Collaboration Intellectual Property (as these terms are defined in the Collaboration Agreement) to develop and commercialize M834 either independently or with a third-party.

Also, on February 14, 2015, Baxter's right to select three additional originator biologics to target for biosimilar development under the Collaboration Agreement expired without being exercised.

Momenta remains eligible to receive from Baxter, in aggregate, up to $50 million in milestone payments under the Collaboration Agreement, consisting of potential regulatory milestone payments relating to M923.

The foregoing description of the Collaboration Agreement does not purport to be complete and is qualified in its entirety by reference to the full agreement, which was filed as Exhibit 10.21 to Momenta's Annual Report on Form 10-K filed with the Securities and Exchange Commission on February 28, 2012.

http://biz.yahoo.com/e/150217/mnta8-k.html