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news.Millennium Pharmaceuticals has announced that it will receive a $40 million payment from Ortho Biotech Products for achieving a material sales milestone in 2007 for Velcade outside the US.
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In June 2003, Millennium entered into an agreement with Ortho Biotech Products 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 US and Millennium receives royalties on sales outside of the US. In addition, Millennium may receive payments for achieving clinical, development and regulatory approvals and sales milestones outside of the US.
Christophe Bianchi, executive vice president, commercial, Millennium, said: “Velcade is the market leader in the relapsed multiple myeloma setting with a pending approval in the front-line setting. This milestone payment represents the continued strong growth of the product worldwide.”