Momenta Pharmaceuticals CEO Hosts Investor Conference Call To Discuss Follow-On Biologics Collaboration With Baxter (Transcript)

Momenta Pharmaceuticals, Inc. (MNTA)

Baxter International Inc. Collaboration Conference Call

December 23, 2011 10:00 am ET


Beverly Holley – Director, Investor Relations

Craig A. Wheeler – President and Chief Executive Officer

Richard P. Shea – Chief Financial Officer

Ganesh Venkataraman Ph.D. – Senior Vice President, Chief Scientific Officer


Ritu Baral – Canaccord Genuity

Sapna Srivastava – Goldman Sachs

Ami Fadia – UBS

Eric Schmidt – Cowen & Company

Bret Holley – Oppenheimer & Co.

Sumant Kulkarni – Bank of America/Merrill Lynch

Joseph P. Schwartz – Leerink Swann & Company

Duane Nash – Wedbush Securities

Alan Sonnenfeld – Bernstein

Avik Roy – Monness, Crespi, Hardt

Rajeev Jashnani – UBS Investment Bank

Frank Rango – Purchase Capital Management



Good day, ladies and gentlemen, and welcome to the Momenta Biosimilars Update. At this time, all participants are in a listen-only mode. Later, we will conduct a question-and-answer session, and instructions will follow at that time. (Operator Instructions) As a reminder, this conference call is being recorded.

I would now like to introduce your host for today's conference, Beverly Holley, Director of Investor Relations.

Beverly Holley

Thank you, and good morning. I want to welcome all of you to Momenta's conference call to discuss our recently-announced follow-on biologics collaboration with Baxter. With me on the call today with prepared remarks is Craig Wheeler, our President and Chief Executive Officer. Also present are Rick Shea, our CFO, and Ganesh Venkataraman, our Chief Scientific Officer. Following our remarks, we will open the call to questions.

But before we begin, I would like to advise you that today's call may contain forward-looking statements. Statements in this conference call regarding management’s future expectations, beliefs, intentions, goals, strategies, plans and prospects, including expectations with respect to the closing of the transaction, and Baxter's spending of the ongoing development of the products contemplated by the agreement, as well as our beliefs regarding the potential biosimilars and interchangeable biologics development and commercialization opportunity including the potential milestone payments and revenues the number of biosimilars and interchangeable biologics products to be developed and commercialized, and the potential opportunity to apply Momenta’s innovative physiochemical and biologics characterization capabilities in these development programs, may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995.

Such forward-looking statements involve known and unknown risks, uncertainties and other factors referred to in the Company's quarterly report or Form 10-Q for the quarter ended September 30, 2011 and filed with the Securities and Exchange Commission, under the section Risk Factors as well as other documents that maybe filed by Momenta from time to time with the Securities and Exchange Commission.

As a result of such risks uncertainties and factors 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. These statements are also based on the satisfaction of closing conditions, including expiration of the waiting period under the Hart-Scott-Rodino Antitrust Improvement Act. Momenta is providing the information in this conference call as of this date, and assumes no obligations to update the information included in this press release or by any forward-looking statements, whether as a result of new information, future events or otherwise. And I would also like to remind you that we filed an 8-K yesterday which describes the collaboration in detail.

And now I will turn the call over to Craig Wheeler.

Craig A. Wheeler

Thank you Beverly and thanks for joining us on this call. And I do apologize in advance if we are impinging on any of your holiday plans. But I’m very pleased to present to you our new follow-on biologics collaboration with Baxter, which we signed yesterday.

As I have been saying to our investors for some time, we've been looking for a collaborative partner that not only complements Momenta's scientific and technical capabilities, but shares our goals for approaching the emerging biosimilars marketplace. Baxter fits this bill on all accounts.

In my comments today, I will provide my perspective on why this is the right deal at the right time for Momenta. I will go through the general terms of the deal and I will try to anticipate a few of your questions. We will then open up the call for your questions.

In seeking a collaborative partner, we had two major criteria. The first was gaining access to the right infrastructure to compete in this emerging global market. Baxter brings global commercial expertise in biologic products, building on their existing infrastructure for their blood factor and hematology products. They also bring expertise in biologic manufacturing and injectible products, with production infrastructure in the U.S., Europe, and Asia. Finally they have broad clinical and regulatory experience and capabilities in all major markets around the world. Baxter's business is recognized around the world for its quality and stability.

The second criteria was alignment on common goals for our combined biosimilars business. In this collaboration, we seek to build on our combined capabilities to create a differentiated business, based on innovative science, rapid development capabilities, and a cost-competitive global infrastructure. We believe interchangeability is possible for well-designed products, and we seek to lead the industry in bringing technology-enabled, interchangeable biosimilars to the market.

I am very pleased with the shared goals and execution commitment I have seen from the Baxter team, and I am thrilled to have them as a collaborative partner in this critical step forward for Momenta. Momenta has invested over the last four years to develop advanced physicochemical and biologic characterization tools and methods, an infrastructure for cell line and early process development and innovative approaches to intellectual property and regulatory interactions.

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