--Momenta to receive $50 million upfront license
fee and up to $550 million in potential milestone payments from
CSL--
Momenta Pharmaceuticals, Inc. (Nasdaq:MNTA) and CSL Limited
(ASX:CSL) (USOTC:CSLLY) today announced that they have entered into
an exclusive research collaboration and worldwide license agreement
to develop and commercialize Fc multimer proteins, including
Momenta’s M230, a selective immunomodulator of Fc receptors, which
is expected to enter the clinic in 2017. Momenta will receive a $50
million upfront license fee from CSL and is eligible to receive
future milestone and royalty payments for M230. In addition to
advancing M230, CSL and Momenta intend to enter into a research
collaboration to develop additional Fc multimer proteins that may
originate from Momenta’s or CSL’s research.
“This collaboration and license agreement with
CSL validates our belief that M230 is an exciting recombinant
product candidate for potential use in autoimmune indications. It
was developed using our proprietary Fc biology platform and
understanding of how intravenous immunoglobulin (IVIg) works in
autoimmune diseases,” said Craig A. Wheeler, President and Chief
Executive Officer of Momenta Pharmaceuticals. “As the global leader
in immunoglobulin (Ig) therapy, CSL is the ideal development and
commercialization partner for us in the area of Fc biology given
their expertise in developing plasma-derived medicines and focus on
creating disruptive recombinant products in the autoimmune
space.”
“We are delighted to announce this
collaboration with Momenta, who are leaders in the Fc biology
space,” said Paul Perreault, CEO and Managing Director, CSL.
“M230 is a very exciting prospect and offers CSL the potential to
further grow and expand our long-term global leadership in helping
those patients with autoimmune diseases that are treated with
immunoglobulins.”
Under the terms of the agreement, Momenta will
grant CSL an exclusive, worldwide license to Momenta’s intellectual
property relating to M230. Momenta will receive a $50 million
upfront license fee payment from CSL and will also be eligible for
up to $550 million in contingent clinical, regulatory and
commercialization milestone payments. Momenta has the option to
elect a cost and profit sharing arrangement, for which Momenta
would fund a proportion of global development and commercialization
costs in exchange for a share of U.S. profits, and milestones and
royalties outside the United States. Momenta has the option to
enter into an agreement to co-promote M230 and any other
collaboration product in the U.S.
The companies expect to close the transaction in
the first quarter of 2017, subject to customary closing conditions
including the expiration of the waiting period under the
Hart-Scott-Rodino Antitrust Improvements Act.
Conference Call Information
Momenta will host a conference call for
investors today at 4:30 pm ET to discuss this important
collaboration with CSL. The conference call will be webcast live
and a link to the webcast may be accessed on the “Investors”
section of the company’s website, www.momentapharma.com. Please go
to the site at least 15 minutes prior to the call to register,
download, and install any necessary software. An archived version
of the webcast will be posted on the Momenta website approximately
two hours after the call.
To access the call you may also dial (877)
224-9084 (domestic) or (720) 545-0022 (international) prior to the
scheduled conference call time and provide the access code
48172572. A replay of the call will be available approximately two
hours after the conclusion of the call. To access the replay,
please dial (855) 859-2056 (domestic) or (404) 537-3406
(international) and provide the access code 48172572.
About M230, Selective Immunomodulator of
Fc Receptors (SIF3)
Antigen-autoantibody immune complexes (ICs) are
a common pathogenic hallmark of many autoimmune diseases. The
multiple Fc domains of ICs aggregate Fcγ receptors (FcγRs),
triggering cellular activation processes that play critical roles
in inflammation and tissue damage. The rational engineering of
therapeutics that broadly antagonize FcγRs has been hampered by a
limited understanding of the molecular determinants directing FcγR
activation. Through the engineering and characterization of
oligomeric Fc structures, Momenta has been able to derive novel
insights into FcγR modulation and has generated a unique
recombinant Fc multimer therapeutic candidate, referred to as M230,
with excellent physiochemical and biological properties.
Preclinical studies in animal models of autoimmune disease have
shown that M230 matched potency and efficacy of intravenous
immunoglobulin at significantly lower doses. M230 is currently in
preclinical development and is expected to enter the clinic in
2017.
About Momenta
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 autoimmune indications.
To receive additional information about Momenta,
please visit the website at www.momentapharma.com, which does
not form a part of this press release.
Our logo, trademarks, and service marks are the
property of Momenta Pharmaceuticals, Inc. All other trade names,
trademarks, or service marks are property of their respective
owners.
About CSL CSL (ASX:CSL) is a
leading global biotherapeutics company with a dynamic portfolio of
life-saving innovations, including those that treat hemophilia and
immune deficiencies, as well as vaccines to prevent influenza.
Since our start in 1916, we have been driven by our promise to save
lives using the latest technologies. Today, CSL — including our two
businesses CSL Behring and Seqirus – conducts business in more than
60 countries with more than 17,000 employees. Our unique
combination of commercial strength, R&D focus and operational
excellence enables us to identify, develop and deliver innovations
so our patients can live life to the fullest. For additional
information about CSL, please visit www.CSL.com.au.
Forward Looking Statement For Momenta
PharmaceuticalsStatements in this press release regarding
management's future expectations, beliefs, intentions, goals,
strategies, plans or prospects, are forward-looking statements
within the meaning of the Private Securities Litigation Reform Act
of 1995, including but not limited to, statements concerning the
collaboration and license agreement between CSL and Momenta
Pharmaceuticals, Inc., including anticipated payments, as well as
future development, manufacture, and commercialization of novel
drugs under the agreement; and our and CSL’s ability to
successfully develop and commercialize M230.
Forward-looking statements may be identified by words such as
"anticipate," "believe," “continue,” "could," "hope," "target,"
"project," "goal," “objective,” “guidance,” “plan,” "potential,"
"predict," "might," "estimate," "expect," "intend," "may," “seek”,
"should," "will," "would," "look forward" and other similar words
or expressions, or the negative of these words or similar words or
expressions. Such forward-looking statements involve known and
unknown risks, uncertainties and other factors, including receiving
clearance under the Hart-Scott-Rodino Antitrust Improvements Act
and those referred to under the section “Risk Factors” in the
Company's Quarterly Report on Form 10-Q for the quarter
ended September 30, 2016 filed with the Securities
and Exchange Commission, as well as other documents that may be
filed by the Company from time to time with the Securities and
Exchange Commission. As a result of such risks, uncertainties
and factors, or the risks and factors noted below by CSL, the
Company's actual results may differ materially from any future
results, performance or achievements discussed in or implied by the
forward-looking statements contained herein. The Company is
providing the information in this press release as of this date and
assumes no obligations to update the information included in this
press release or revise any forward-looking statements, whether as
a result of new information, future events or otherwise.
Forward Looking Statement for
CSL The information in this press release speaks only as
of the date of this press release, and includes forward looking
statements about CSL business prospects and products in research,
all of which involve substantial risks and uncertainties, many of
which are outside the control of, and are unknown to, CSL. You can
identify these forward looking statements by the fact that they use
words such as “anticipate,” “estimate,” “expect,” “project,”
“intend,” “plan,” “believe,” “target,” “may,” “assume,” and other
words and terms of similar meaning in connection with any
discussion of future operating or financial performance. Factors
that could cause actual results to differ materially include: the
success of research and development activities, decisions by
regulatory authorities regarding approval of our products as well
as their decisions regarding label claims; competitive developments
affecting our products; the ability to successfully market new and
existing products; difficulties or delays in manufacturing; trade
buying patterns and fluctuations in interest and currency exchange
rates; legislation or regulations that affect product production,
distribution, pricing, reimbursement or access; litigation or
government investigations, and CSL’s ability to protect its patents
and other intellectual property. The statements being made in this
presentation do not constitute an offer to sell, or solicitation of
an offer to buy, any securities of CSL.
No representation, warranty or assurance
(express or implied) is given or made in relation to any forward
looking statement by any person (including CSL). In particular, no
representation, warranty or assurance (express or implied) is given
in relation to any underlying assumption or that any forward
looking statement will be achieved. Actual future events may vary
materially from the forward looking statements and the assumptions
on which the forward looking statements are based.
Subject to any continuing obligations under
applicable law or any relevant listing rules of the Australian
Securities Exchange, CSL disclaims any obligation or undertaking to
disseminate any updates or revisions to any forward looking
statements in this press release to reflect any change in
expectations in relation to any forward looking statements or any
change in events, conditions or circumstances on which any such
statement is based. Nothing in this press release shall under any
circumstances create an implication that there has been no change
in the affairs of CSL since the date of this press release.
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
CSL INVESTOR CONTACT:
Mark Dehring
CSL
+61 3 9389 3407
Mark.Dehring@CSL.com.au
CSL MEDIA CONTACT:
Natalie de Vane
CSL
1-610-878-4468
Natalie.deVane@CSLBehring.com
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