Ilex to pay $140M for Campath rights
Ilex Oncology is to take over rights in the USA to the recently-approvedB-cell chronic lymphocytic leukemia drug Campath (alemtuzumab), after buying out Millennium Pharmaceuticals' stake in the product for up to $140 million, including $20 million upfront.
The two companies had set up a 50:50 joint venture, M&I Partners, to market the drug. Ilex has now acquired Millennium's stake in the JV, and will pay its former partner a royalty on sales, rather than a share of the profits. Millennium will also be entitled to payments based on US sales, above certain levels, from 2005. Campath is sold in the USA by Berlex Laboratories, and analysts have suggested that the drug's annual turnover could reach $100 million by that year.
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