Momenta Pharmaceuticals announces 4 million-share follow-on offering

By Jennifer Chiou

New York, July 18 - Momenta Pharmaceuticals, Inc. said it plans to publicly offer 4 million shares of its common stock under its shelf registration, according to a 424B5 filing with the Securities and Exchange Commission.

The company also intends to grant a greenshoe option for up to 600,000 additional shares to cover over-allotments.

Morgan Stanley & Co. Inc. is the bookrunner while Deutsche Bank Securities Inc. is co-lead manager of the offering. Co-managers are Banc of America Securities LLC and SG Cowen & Co., LLC.

Proceeds from the follow-on offering will go towards general corporate purposes, which include research and development as well as clinical trial costs.

Cambridge, Mass.-based Momenta is a biotechnology company specializing in the detailed structural analysis and design of complex sugars for drug development.

The company's M-Enoxaparin is designed to be a technology-enabled generic version of Lovenox (enoxaparin), a low molecular weight heparin, which is used to prevent and treat deep vein thrombosis.

Following this offer, the company will have 29,526,603 shares outstanding.

Momenta's stock closed down $1.56 at $27.53 on Monday.

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