Millennium Earns Velcade Sales Milestone

Millennium Pharmaceuticals will receive a $40 million payment from J&J subsidiary Ortho Biotech Products, L.P. for achieving a sales milestone in 2007 for Velcade outside the U.S.

The two companies entered into an agreement in June 2003 for the commercialization and continued development of the drug. 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 sales outside of the U.S. Millennium is also eligible to receive payments for achieving clinical, development and regulatory approvals and sales milestones outside of the U.S.

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