Momenta Pharmaceuticals Announces Worldwide Collaboration With Mylan to Jointly Develop and Commercialize Six Biosimilar Products
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CAMBRIDGE, Mass., Jan. 08, 2016 (GLOBE NEWSWIRE) -- Momenta Pharmaceuticals, Inc. (MNTA) today announced that it has entered into an exclusive global collaboration agreement with Mylan N.V. (MYL), (MYL) to develop, manufacture and commercialize six of Momenta’s current biosimilar candidates, including Momenta’s biosimilar candidate ORENCIA® (abatacept).
“We are thrilled to welcome Mylan as our new collaboration partner for biosimilars. Our two companies have a common focus on building an industry leading biosimilar portfolio that offers safe, effective and affordable products to the patients that need them,” said Craig A. Wheeler, President and Chief Executive Officer of Momenta Pharmaceuticals. “By combining Momenta’s proven capabilities in complex product development and Mylan’s world class global R&D, supply chain and commercial infrastructure, we are well positioned to become a strong competitor in this developing field. Our joint vision is to bring high quality, cost effective biosimilar products to markets worldwide and we believe our success will deliver a strong return to our companies’ stakeholders.”
Mylan CEO Heather Bresch commented, “This exciting collaboration with Momenta is focused on the next wave of biosimilar products and represents an important next step for Mylan in this area of significant future growth, leveraging Momenta’s unique technology capabilities and Mylan’s strong science, biosimilar development experience, operational excellence and expansive global commercial footprint. Through this collaboration, as well as other partnerships and the strong internal capabilities we have cultivated, Mylan is further expanding what is already one of the industry’s most robust and diverse biosimilar portfolios and helping to ensure we can deliver enhanced access to these critical products to patients around the world.”
Under the agreement, Mylan will make an upfront cash payment of $45 million and up to $200 million in contingent milestone payments to Momenta, with each company sharing equally in the costs and profits with respect to the products. The companies will be jointly responsible for product development and Mylan will lead worldwide commercialization efforts, with Momenta having an option to co-commercialize in a supporting commercial role, any approved products in the United States.
