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Baxter, Momenta to Partner on Biosimilars

Drug vials (Hey Paul/Flickr)Pharmaceutical and medical device maker Baxter International and biotechnology company Momenta Pharmaceuticals have agreed to collaborate on development of follow-on biologic drugs, also known as biosimilars. The deal valued at at least $33 million is expected to close in the first quarter of 2012.

Under the agreement, Baxter in Deerfield, Illinois, will make an up-front cash payment of $33 million to Momenta, in Cambridge, Massachusetts, to work on up to six follow-on biologic compounds. Baxter may make additional milestone payments over the next several years for the development of the compounds, based on the progress of all six products.

Biosimilars perform a similar role in the pharmaceutical marketplace as generic drugs. They replicate existing, branded biologics used in the treatment of a variety of diseases such as cancer, autoimmune disorders, and other chronic conditions.

In the partnership, Baxter anticipates using its expertise in clinical development and biologic manufacturing and sterile injectables, as well as its global commercial capabilities. Momenta expects to provide its expertise in high-resolution analytics, product characterization, and biosimilar process development.

Read more: Baxter Sets Up Venture Fund for New Therapies

Photo: Hey Paul/Flickr

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