Despite the run-up in Momenta (NASDAQ:MNTA) over the past year and the recent announcement that Baxter (NYSE:BAX) is dropping Momenta's lead biosimilar compound, we believe there is still considerable upside remaining over the next 12-24 months. Momenta's impending approval of M356 (generic Copaxone - TEVA) with Sandoz with equal profit-sharing should drive shares higher assuming a May launch (when patents expire). The company's unique ability to characterize biologics may give it an edge in the biosimilar market by enabling the company to avoid large trials, shortening time to market, and the possibility of being deemed interchangeable with the reference biologic. Its partnership with Baxter to supply biosimilars provides it a major player for commercialization and may...
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