Amgen, Baxter Eye Biosimilars

Two big drug companies have formed ventures aimed at developing generic, or biosimilar, versions of biologic drugs. Amgen and Watson Pharmaceuticals are joining to develop biosimilars of oncology antibodies other than ones already made by Amgen, the world’s largest biotech firm. Amgen will be responsible for developing, manufacturing, and commercializing the drugs. Watson will contribute up to $400 million and its generic drug development and marketing know-how. Baxter International and Momenta Pharmaceuticals, meanwhile, have formed a pact to develop up to six biosimilars. Momenta brings the experience of having won FDA approval last year for a biosimilar version of Lovenox, a low-molecular-weight heparin marketed by Sanofi. Momenta will get $33 million up front from Baxter and is eligible to receive milestone payments of more than $470 million. Biogen Idec, another big drug company, formed a biosimilars venture with Samsung last month.