Baxter, Momenta enter deal for biosimilar drugs

(Ref: Business Wire, Chicago Tribune, Morningstar, CNBC, Mass High Tech)

Baxter and Momenta Pharmaceuticals announced a deal to develop and commercialise up to six biosimilar drugs. Under the agreed terms, Baxter will make an upfront cash payment of $33 million to Momenta, and may make further milestone payments related to the development of the compounds.

Ludwig Hantson, president of Baxter’s BioScience business, noted that "the collaboration complements Baxter’s early-stage pipeline and allows the company to expand its leadership in biologics at a time when the global regulatory pathway for approval is becoming more clear."

The companies said that the agreement, which is expected to close in the first quarter of 2012, will allow Baxter to leverage its clinical development and biologic manufacturing expertise, as well as its capabilities in sterile injectables. Meanwhile, Momenta will provide its knowledge in high-resolution analytics, characterisation, and product and process development.