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MNTA > SEC Filings for MNTA > Form 8-K on 20-Dec-2013All Recent SEC Filings




Other Events

Item 8.01 Other Events

As previously disclosed, in December 2011, Momenta Pharmaceuticals, Inc. (the "Company") and Baxter International, Inc., Baxter Healthcare Corporation and Baxter Healthcare SA (collectively, "Baxter"), entered into a global collaboration and license agreement (the "Baxter Agreement"), to develop and commercialize up to six biosimilar product candidates. The Baxter Agreement became effective in February 2012. Under the Baxter Agreement, the Company and Baxter agreed to collaborate, on a world-wide basis, on the development and commercialization of two biosimilars, M923 and M834. In July 2012, Baxter selected a third product for inclusion in the collaboration, a monoclonal antibody for oncology which has been designated as M511.

On December 19, 2013, Baxter terminated its option to license M511 under the Baxter Agreement following an internal portfolio review. The Company and Baxter are continuing to collaborate on M923 and M834 and evaluate additional products for development. The Company will continue to develop M511 as part of its biosimilar business. Baxter has the right, until February 2015, to select up to three additional biosimilars to be included in the collaboration. Momenta may also consent, at its option, to allow Baxter to name a replacement product for M511, if Baxter requests such replacement.

Of the $26 million in product milestones the Company was targeting to earn in 2014, $7 million is associated with M511. Therefore, the Company is now targeting aggregate milestones of $19 million associated with M923 and M834 in 2014. In addition, of the $80 million in potential technical and development milestones the Company could earn under the Baxter Agreement, $14 million relate to M511, and of the $300 million in potential regulatory milestones the Company could earn under the Baxter Agreement, $50 million relate to M511.

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