Millennium Pharmaceuticals, Inc. will receive a $10 million payment from Johnson & Johnson Pharmaceutical Research & Development, L.L.C. (J&JPRD) based on sales milestones reached for Velcade for Injection in territories outside the U.S.
"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," said Marsha Fanucci, chief financial officer and senior vice president at Millennium. "We believe Velcade represents a more than $1 billion peak worldwide opportunity and, together with J&JPRD, we continue to pursue clinical development to realize the potential of Velcade."
In June 2003, Millennium entered into an agreement with Ortho Biotech Products, L.P. and its research affiliate, J&JPRD, to collaborate on 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 sales outside the U.S. In addition, Millennium may receive payments for achieving clinical, development and regulatory approvals and sales milestones outside of the U.S.