Millennium to get $40M milestone from Ortho Biotech

Millennium Pharmaceuticals says that it will receive a $40.0 million payment from fellow US firm Ortho Biotech Products for achieving a material sales milestone in 2007 for Velcade (bortezomib) outside the USA.

"Velcade is the market leader in the relapsed multiple myeloma setting with a pending approval in the front-line setting," said Christophe Bianchi, executive vice president, commercial, at Millennium. "This milestone payment represents the continued strong growth of the product worldwide," he noted.

In June 2003, Millennium entered into an agreement with Ortho Biotech Products to collaborate on the commercialization and continued clinical development of the drug. Under the terms of the deal, Ortho Biotech and its affiliate, Janssen-Cilag (both Johnson & Johnson companies), commercialize Velcade outside the USA and Millennium receives royalties on their sales. In addition, Millennium may receive payments for achieving clinical, development and regulatory approvals and sales milestones outside the USA.