Momenta's Strategic Review Offers an Uncertain Future
Momenta's conclusion to its strategic review has created new uncertainty, in our view. We think the company's announcements of executive departures, a 50% workforce reduction, and cutting five biosimilar products under development call into question its future research and development capability. We also urge caution to investors as the company signaled plans for a future capital raise to occur during the next two years, which will prove to be potentially dilutive. We may lower our fair value es...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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