Mylan and Momenta link up to develop biosimilars
Shares of Momenta Pharmaceuticals (Nasdaq: MNTA) rose as much as much as 11.7% on Friday, eventually finishing up 6.8% at $17.48, after announcing an agreement with Netherlands-incorporated Mylan (Nasdaq: MYL) to develop, manufacture and commercialize six of Momenta's current biosimilar candidates.
The deal includes Momenta's biosimilar candidate of Orencia (abatacept), an anti-inflammatory drug made by Bristol-Myers Squibb (NYSE: BMY).
Under the agreement with Momenta, Mylan will make an up-front cash payment of $45 million and up to $200 million in contingent milestone-related payments to Momenta, with each company sharing equally in the costs and profits with respect to the products. The companies will be jointly responsible for product development, and Mylan will lead worldwide commercialization efforts. All other financial terms and product details remain confidential.
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