Momenta gets early FTC appro for biosimilars deal with Mylan

US biotech firm Momenta Pharmaceuticals (Nasdaq: MNTA) revealed today that the Federal Trade Commission has granted early termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 (HSR Act) in connection with the global collaboration agreement executed last month with Netherlands-incorporated Mylan (Nasdaq: MYL) to develop and commercialize six biosimilar candidates (The Pharma Letter January 10) .

With the early termination of the applicable waiting period under the HSR Act, the collaboration agreement with Mylan is effective as of February 9, 2016.  Under the collaboration agreement, Mylan is obligated to pay Momenta a $45 million upfront cash payment within 30 days of the effective date.

The deal, which allows for potential payments of up to $200 million from Mylan, includes Momenta's biosimilar candidate of Orencia (abatacept), an anti-inflammatory drug made by Bristol-Myers Squibb (NYSE: BMY).