Momenta Pharma refocuses biosimilars development; cuts staff

2 October 2018

Momenta Pharmaceuticals (Nasdaq: MNTA) says it has completed its strategic review aimed at reducing costs of biosimilar development and focusing its resources on its pipeline of novel drug candidates for immune-mediated diseases.

This will lead to cost savings of around $250 million over the next five years. The restructuring is estimated to cost between $17.0 and $20.0 million through 2018. Momenta’s shares closed down 4.22% at $25.19 on Monday.

As a result, Momenta plans to advance two late-stage biosimilar assets, M923, its wholly-owned proposed biosimilar to AbbVie's (NYSE: ABBV) Humira (adalimumab) and M710, its proposed biosimilar to Regeneron Pharmaceuticals (Nasdaq: REGN) and Bayer's (BAYN: DE) Eylea (aflibercept) being developed in collaboration with Mylan.

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