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Thursday, October 21, 2010
Momenta's generic anticoagulant drug heading for blockbuster status
By Julie M. Donnelly
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Momenta Pharmaceuticals Inc.s’ generic version of a name-brand medicine owned by french drug maker Sanofi-aventis is on track to be a blockbuster.
The Cambridge-based biotechnology company launched its drug M-Enoxaparin, the first approved generic version of Sanofi’s (SNY Not Rated) Lovenox, which prevents blood clots in the leg, in July. M-Enoxaparin brought in total U.S. sales of $292 million for the first 69 days on the market. This puts the drug on pace to easily exceed $1 billion in annual revenue, the benchmark for blockbuster drug status. Momenta shares these revenues with its partner Sandoz, the generics company of Swiss pharmaceutical firm Novartis AG.
The better-than-expected launch of the Momenta drug snatches about 60 percent of the market share for the drug from Sanofi. Lovenox is the French pharmaceutical firm’s second biggest seller and some analysts say the success of Momenta’s drug will further fuel Sanofi’s urgency to acquire Genzyme Corp.
“Little Momenta inadvertently helps its Cambridge neighbor by adding to French giant’s problems; we don’t see the low ball first offer of $69 per share for Genzyme to last much longer,” wrote Simos Simeonidis, senior biotechnology analyst at investment bank Rodman and Renshaw, in a research note Thursday.
Momenta’s (Nasdaq: MNTA) shares were trading at $15.23 in midday trading on Thursday, up 3.5 percent from the previous close of $14.72.
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