Momenta's 3Q Results Continue to Imply an Uncertain Future
Momenta Pharmaceuticals' third-quarter results included several announcements related to the company's drug pipeline and collaboration partners. We may reduce our fair value estimate as we incorporate new assumptions for the company, and we are leaving our no-moat rating intact. Momenta's settlement with AbbVie for its proposed Humira biosimilar (M923) is a net positive for the company, in our view. However, we think biosimilar competition for the drug will prove to be a formidable challenge by ...Momenta Pharmaceuticals is a biotechnology company focused on the discovery and development of biologic therapies for the treatment of rare immune-mediated diseases. The company's programs include: M281, which is a fully-human anti-neonatal Fc receptor (FcRn), aglycosylated immunoglobulin G (IgG1), monoclonal antibody, designed to reduce circulating human immunoglobulin G (IgG) antibodies by completely blocking endogenous IgG recycling via FcRn; M230, which is a recombinant trivalent human IgG1 Fc multimer; and M254, which is a hyper-sialylated immunoglobulin designed as a high potency alternative to IVIg, a therapeutic drug product that contains pooled, IgG antibodies purified from blood plasma.
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