Ortho Biotech is entitled to payments related to its Velcade sales force and increased sales beyond a specific target.
Ortho Biotech signed a two-year agreement to jointly promote Millennium Pharmaceuticals’ Velcade in the U.S. Velcade is indicated for the treatment of multiple myeloma patients who have received at least one prior therapy.
“We have seen that physician education is a key driver of growth for Velcade,” remarks Christophe Bianchi, M.D., executive vp, commercial operations, Millennium. “With this expanded educational effort behind Velcade, we believe clinicians will be reached more frequently and more patients will have access to this important drug.”
Under the terms of the agreement, Ortho Biotech will join Millennium in the first quarter of 2007 to promote Velcade to U.S.-based physicians who treat patients with relapsed multiple myeloma. Millennium will pay a percentage of Velcade-related costs for the Ortho Biotech sales force. Ortho Biotech will be entitled to receive a commission on the incremental sales that exceed prespecified targets. Millennium will continue to be responsible for commercialization, manufacturing, and distribution of Velcade in the U.S.
