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The Company
6 Months Ended
Jun. 30, 2015
The Company  
The Company

 

1. The Company

 

Business

 

Momenta Pharmaceuticals, Inc. (the “Company” or “Momenta”) was incorporated in the state of Delaware in May 2001 and began operations in early 2002. Its facilities are located in Cambridge, Massachusetts. Momenta is a biotechnology company focused on developing generic versions of complex drugs, biosimilars and novel therapeutics for oncology and autoimmune disease. The Company presently derives all of its revenue from its collaborations.

 

Recent Developments

 

FDA Approval of ANDA for Glatopa and Sandoz’s Launch of Glatopa

 

On April 16, 2015, the U.S. Food and Drug Administration, or FDA, approved the ANDA for once-daily Glatopa™ (glatiramer acetate injection) 20 mg/mL, a generic equivalent of once-daily COPAXONE® 20 mg/mL. Glatopa, formerly referred to as M356, was developed under the Second Sandoz Collaboration Agreement (as defined below in Note 5 “Collaboration and License Agreements”). M356 now refers only to the generic version of three-times-weekly COPAXONE 40 mg/mL being developed by the Company and Sandoz. On June 18, 2015, Sandoz initiated its U.S. launch of once-daily Glatopa. Please see Note 5 “Collaboration and License Agreements” for further information regarding marketing approval and U.S. launch of Glatopa.

 

Public Offering of Common Stock

 

In May 2015, the Company sold an aggregate of 8,337,500 shares of its common stock through an underwritten public offering at a price to the public of $19.00 per share. As a result of the offering, which included the full exercise of the underwriters’ option to purchase additional shares, the Company received aggregate net proceeds of $148.4 million, after deducting underwriting discounts and commissions and other offering expenses. The Company intends to use these proceeds for general corporate purposes, including working capital.