Momenta Pharmaceuticals Announces Early HSR Clearance for Biosimilars Collaboration With Mylan
CAMBRIDGE, Mass., Feb. 10, 2016 (GLOBE NEWSWIRE) -- Momenta Pharmaceuticals, Inc. (Nasdaq:MNTA), a biotechnology company specializing in the characterization and engineering of complex drugs, today announced 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 by the Company on January 8, 2016 with Mylan N.V.’s subsidiary, Mylan Ireland Limited, to develop and commercialize six biosimilar candidates.
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.
Additional details regarding the collaboration can be found in Momenta’s Form 8-K filed with the Securities and Exchange Commission on January 8, 2016.
Momenta Pharmaceuticals is a biotechnology company specializing in the detailed structural analysis of complex drugs and is headquartered in Cambridge, MA. Momenta is applying its technology to the development of generic versions of complex drugs, biosimilar and potentially interchangeable biologics, and to the discovery and development of novel therapeutics for oncology and autoimmune indications.
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MOMENTA INVESTOR CONTACT: Sarah Carmody Momenta Pharmaceuticals 1-617-395-5189 IR@momentapharma.com MOMENTA MEDIA CONTACT: Karen Sharma MacDougall Biomedical Communications 1-781-235-3060 Momenta@macbiocom.com