Momenta Pharmaceuticals, Inc. (MNTA)

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Momenta Pharmaceuticals Inc. (MNTA)

Morgan Stanley Healthcare Conference Call

September 11, 2012, 02:30 pm ET

Executives

Craig Wheeler - President and CEO

Analysts

Dave Friedman - Morgan Stanley

Presentation

Operator

Dave Friedman - Morgan Stanley

Hello, I think we will get started here and thanks everyone for joining us. Dave Friedman, one of the biotech analyst here and in terms of disclosures, you can find personnel and research at Morgan Stanley disclosures on morganstanley.com/researchdisclosures. So more exciting things, I've got Craig Wheeler here, CEO and President of Momenta Pharmaceuticals and we're very happy to have you here and the team and maybe if we can start if you can just give, you know, one or two minute overview of the company and you guys have a very unique approach to the drug development world and so maybe a quick intro and then we’ll just jump right in.

Craig Wheeler

Sure. I would be happy to. And for those of you that follow the company long time, you know, it's really a challenge to give a short intro on the complexity of our company in two minutes, but I'll give you just a quick profile of who Momenta is and we're a company that was found and based on really unraveling complexity. I think that’s a simplest way to put it where we look at complex problems like biologics, like heparins and try to understand in much more detail the structure, the manufacturing and the biology of this.

So we’re looking at a complex set of problem. We've parlayed that base in to kind of a three different business areas. The first, which I have always termed the fuel for the business is the complex generics business. These are drugs that are complex drugs that were filed as NDAs and therefore the generic path, the NDA pathway is available. And those two products that we're working on there are our launch product generic Enoxaparin and a filed product just generic Copaxone, both partners with Sandoz.

A second piece of our business which is up actually and we have working on it for a while has actually opened up recently. With the passing of the following biologic pathway is follow-on biologics, a natural extension from sugars to peptides to biologics, but a place where we can actually now capture scale because unlike the early products, these products actually have as many antibodies so we can go after and (inaudible) et cetera.

So there is actually scale in that for us and to capture that scale early this year signed a six product partnership with Baxter where we are working on developing our follow-on biologics business. We anticipate that we'll be working on those six products there and then if the business is successful, we will be able to expand it dramatically and we're only tied up with six programs at this point in time.

The third piece and really back at MIT where the company actually started is new drug where we are using this deep analytic understanding to be able to go back and look at structure activity in more complex way, complex molecules in different ways to hopefully get better programs out of it and our first program was M118 which is a program which we still hope to partner, but we parked at this point because I think we created a pretty good generic market in cardiovascular.

M402 which is our drug that is just entering Phase I now and we are currently recruiting patients is again an engineered molecule to take advantage of multi targets and most targeted biologic and then most recently the new thing we brought into the company is (inaudible) IBIG program which we brought the assets of another company for Virdante and are applying our technology to it. So we have those three pieces of the business that make up Momenta.

Question-and-Answer Session

Dave Friedman - Morgan Stanley

Great and we would love for this to be interactive. So anyone has any questions, please free to raise your hand and we'll make sure we can get your question out. So maybe if we can start with the drug you guys have on the market or share on the market which is Enoxaparin, if you could just discuss, you guys have had swings in your economics there which we can talk about, but also if you can just discuss where you are or where Sandoz is in the market in terms of share, has that been stable and are you at a run rate or are there still areas where you can try to make some headway?

Craig Wheeler

Sure, well to remind everybody Enoxaparin where we are the sole products in the marketplace was an extraordinary successful program for us, largest syringe launch ever in history, largest generic launch ever in history. We generated about $1.6 billion in sales in the first 16 months of the product. Since our competition has entered, obviously we had two things happen. One the price goes down because you have more competition then as well as our economics changed.

This is the deal that got the company on the map and so we signed a deal where if we weren’t the only one out there, our economics changes to a royalty, a lower royalty and so we not only got ahead of the market price erosion, but also significantly lower. Where that is right now, hit the price competitive market. Sandoz has done a great job in terms of maintaining share, that's come down a bit.

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