01.10.2018 12:21:13

Momenta Pharma Announces Restructuring; To Reduce Investment In Biosimilars

(RTTNews) - Momenta Pharmaceuticals, Inc. (MNTA) announced the completion of its strategic review aimed at reducing costs of biosimilar development and focusing resources on its pipeline of drug candidates for immune-mediated diseases. The company said it has initiated discussions with collaboration partner, Mylan, to exit its participation in the development of its other five biosimilar programs including M834, a proposed biosimilar to ORENCIA, and intends to focus solely on the continued development of M710. Additionally, the company has approved a plan to restructure its executive team and reduce its workforce by approximately 50 percent.

Momenta expects to realize approximately $250.0 million in cost savings over its five year plan relating to the restructuring and elimination of programs and 110 positions across the organization. The restructuring is estimated to cost between $17.0 and $20.0 million through 2018.

Ganesh Kaundinya, Chief Operating Officer and Chief Scientific Officer; Bruce Leicher, SVP, General Counsel and Secretary; James Anderson, SVP Pharmaceutical Science; Robert Ciappenelli, SVP and Head of Commercial; and Scott Storer, SVP, Chief Financial Officer and Treasurer, will be departing Momenta in the month of October. Succeeding Leicher and Storer, Alejandra Carvajal, will assume the role of Chief Legal Officer, General Counsel and Secretary, and Michelle Robertson will assume the role of Chief Financial Officer and Treasurer.

Momenta said it now plans to advance two late-stage biosimilar assets, M923, its wholly-owned proposed biosimilar to HUMIRA and M710, its proposed biosimilar to EYLEA being developed in collaboration with Mylan. Momenta expects to file a biologics license application for M923 with the U.S. FDA and plans to work to identify a commercialization partner for this product candidate.

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