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MNTA > SEC Filings for MNTA > Form 8-K on 5-Dec-2011All Recent SEC Filings

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Form 8-K for MOMENTA PHARMACEUTICALS INC


5-Dec-2011

Entry into a Material Definitive Agreement


Item 1.01. Entry into a Material Definitive Agreement

On December 2, 2011, Momenta Pharmaceuticals, Inc. (the "Company") entered into an Asset Purchase Agreement (the "Purchase Agreement"), with Virdante Pharmaceuticals, Inc. ("Virdante"), to acquire selected assets, including a license to intellectual property and cell lines, and assume certain contractual obligations relating to the sialylation of intravenous immunoglobulin (IVIG) and other proteins. The transaction closed on December 2, 2011. The Company paid Virdante $4.5 million in cash at closing and has agreed to pay Virdante up to an aggregate of $51.5 in additional contingent milestone payments upon achievement of particular development goals for up to three products in the manner and on the terms and conditions set forth in the Purchase Agreement.

The contingent milestone payments are structured to include potential payments related to products based upon the acquired assets as follows: (i) no more than $30 million if certain development and regulatory milestones are achieved for an initial product; (ii) no more than $15 million if certain development and regulatory milestones are achieved for a second product; and (iii) no more than $6.5 million if certain development and regulatory milestones are achieved for a third product if the development milestones for such third product are met within fifteen (15) years of the anniversary of the date of the Purchase Agreement.

The foregoing description of the Purchase Agreement is not complete and is qualified in its entirety by the full text of the Purchase Agreement, which the Company intends to file as an Exhibit to its Annual Report on Form 10-K for the period ending December 31, 2011.


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