Millennium receives $10 million milestone payment for Velcade sales

By Elaine Rigoli

Tampa, Fla., March 9 - Millennium Pharmaceuticals, Inc. announced Thursday that it will receive a $10 million payment from Johnson & Johnson Pharmaceutical Research & Development, LLC based on sales milestones reached for Velcade (bortezomib) for injection outside the United States.

"This milestone payment reflects the continued worldwide growth of Velcade, a market leader in relapsed, refractory multiple myeloma, with more than 33,000 patients treated globally," Marsha Fanucci, Millennium chief financial officer and senior vice president, said in a company news release.

In June 2003, Millennium entered into an agreement with Ortho Biotech Products, LP and its research affiliate, Johnson & Johnson, to collaborate on the commercialization and continued clinical development of Velcade, according to the release.

Under the terms of the agreement, Ortho Biotech and its affiliate, Janssen-Cilag, commercialize Velcade outside of the United States and Millennium receives royalties on sales outside the United States. In addition, Millennium said it may receive payments for clinical and development milestones, regulatory approvals and sales milestones outside of the United States.

Millennium is a biopharmaceutical company based in Cambridge, Mass.

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