an industry source who is pretty networked in with the company.
here's another story:
29-Jan-09 15:42 Momenta to eye bolt-on buys with "complex" proprietary technologies, CFO says
Story Momenta Pharmaceuticals (NASDAQ:MNTA), the Cambridge, Massachusetts-based generic drug developer, could use the proceeds from its latest stock offering for bolt-on buys, CFO Richard Shea said.
Momenta, with a market cap of USD 412m, last month raised net proceeds of USD 24.1m in a registered direct stock offering to a group of selected investors.
Momenta will indeed continue to scout for potential acquisitions throughout 2009, said Shea. Momenta is particularly keen to look at acquisition and investment opportunities of companies with "very specific expertise" and "products that are complex in nature," he said. Momenta is paying particular attention to companies with focuses in analytical technology, protein manufacturing, peptide mixtures and polysaccharides technology, he said.
Momenta’s Shea would not provide a target price range for potential buys and investments, but stressed that while Momenta is open to M&A it intends to be very conservative with its cash in the coming months.
Framingham, Massachusetts-based GTC Biotherapeutics could be a logical collaborative partner for Momenta, according to VP of corporate communications Thomas Newberry. “We are not looking to make any divestitures, but we are definitely looking for partners for our programs in blood plasma protein and monoclonal antibodies,” he said.
GTC has a number of products in the area of recombinant forms of blood plasma protein that the company is very interested in discussing with potential partners, Newberry said. GTC has expertise in the production of monoclonal antibodies, and could benefit from pairing up with a company with the marketing and product expertise to aid in scaling up the program. GTC’s market cap is USD 70m.
As of its quarterly report for the period ended 30 September 2008, prior to its December stock offering, Momenta had USD 95m in cash and short-term investments and USD 8.7m in debt on its balance sheet.
by Colleen Taylor in San Francisco and Ilene Friedland in Boston
Source Pharmawire
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