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.