Millennium Pharmaceuticals will receive $40 million from Ortho Biotech Products for achieving a material sales milestone this year for Velcade outside the U.S.
“Velcade is the market leader in the relapsed multiple myeloma setting with a pending approval in the front-line setting,” remarks Christophe Bianchi, M.D., executive vp, commercial, Millennium. “This milestone payment represents the continued strong growth of the product worldwide.”
In June 2003, Millennium entered into an agreement with Ortho Biotech Products for 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 U.S. and Millennium receives royalties on these sales.