Advertise With UsAdvertise on our extensive network of industry websites and newsletters.
Get the PBR newsletterSign up to our free email to get all the latest PBR
news.Schering-Plough has reached a deal with Millennium Pharmaceuticals to acquire the heart drug Integrilin. The two companies have co-promoted the drug since 2002, but this agreement will give Schering-Plough exclusive development and commercialization rights to Integrilin in the US.
Subscribe to our email newsletter
Schering-Plough will pay Millennium an upfront payment of $35.5 million and royalties over the US lifespan of Integrilin. In 2006 and 2007, minimum royalty payments for each year are set at $85 million, however Schering-Plough said there are some “extraordinary conditions” that could reduce these minimums.
In addition, Schering-Plough will pay to Millennium approximately $45-50 million for the purchase of existing Integrilin inventories. The agreement is expected to become effective September 1, 2005.
“Acquiring the balance of US rights to Integrilin will give us direct control of this important therapy in its largest market. This is yet another long-term action we are taking to increase our importance to health providers and patients and to become a global leader in the very important area of cardiac care,” said Fred Hassan, Schering-Plough chairman and CEO.