By Sheri Kasprzak
New York, July 25 - Momenta Pharmaceuticals, Inc. sealed a $74,871,000 private placement of its stock associated with its collaboration with Sandoz, Novartis Pharmaceuticals Inc.'s generics business.
Under the terms of the offering, Sandoz agreed to buy 4.7 million shares at $15.93 each, a 30% premium to the company's 30-day trailing average stock price.
The offering was conducted as part of Momenta's collaboration to develop four follow-on and complex generic versions of previously approved recombinant biotechnology and complex drugs with Sandoz.
According to the terms of the collaboration, Momenta can expect to receive up to $188 million in additional payments if it achieves all milestones on the four product candidates.
Cambridge, Mass.-based Momenta develops and engineers complex sugars used to develop generic versions of sugar-based and other complex drug products.
| Issuer: | Momenta Pharmaceuticals, Inc.
|
| Issue: | Stock
|
| Amount: | $74,871,000
|
| Shares: | 4.7 million
|
| Price: | $15.93
|
| Warrants: | No
|
| Investor: | Sandoz
|
| Announcement date: | July 25
|
| Stock symbol: | Nasdaq: MNTA
|
| Stock price: | $18.02 at close July 25
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
