Millennium to Receive $40 Million Milestone Payment for Achievement of Sales Threshold for Velcade(R) (Bortezomib) for Injection
Friday December 28, 8:01 am ET
CAMBRIDGE, Mass., Dec. 28 /PRNewswire-FirstCall/ -- Millennium Pharmaceuticals, Inc. (Nasdaq: MLNM - News) today announced that it will receive a $40 million payment from Ortho Biotech Products, L.P. for achieving a material sales milestone in 2007 for VELCADE outside the U.S. Milestone payments are recorded in the strategic alliance revenue line on the Company's income statement.
"VELCADE is the market leader in the relapsed multiple myeloma setting with a pending approval in the front-line setting," said Christophe Bianchi, M.D., Executive Vice President, Commercial, Millennium. "This milestone payment represents the continued strong growth of the product worldwide."
In June 2003, Millennium entered into an agreement with Ortho Biotech Products, L.P. to collaborate on the commercialization and continued clinical development of VELCADE. Under the terms of the agreement, Ortho Biotech and its affiliate, Janssen-Cilag, commercialize VELCADE outside of the U.S. and Millennium receives royalties on sales outside of the U.S. In addition, Millennium may receive payments for achieving clinical, development and regulatory approvals and sales milestones outside of the U.S. |
