Tuesday, Medicines Co. (MDCO),a provider of Angiomax, announced the exclusive worldwide licensing of ApoA-I Milano from Pfizer Inc. (PFE). Under the terms of the agreement, Pfizer will receive an up-front payment of $10 million for ApoA-I Milano and will receive additional payments upon the achievement of certain clinical, regulatory and sales milestones up to a total of $410 million. Pfizer will also be eligible to receive single-digit royalty payments on worldwide net sales of ApoA-I Milano. The Medicines Co. will also pay $7.5 million to third parties.
ApoA-I Milano is a naturally occurring variant of a protein found in human high-density lipoprotein that has the potential to reverse atherosclerotic plaque development and reduce the risk of coronary events in patients with acute coronary syndrome.
Clive Meanwell, Chairman and Chief Executive Officer of Medicines Co. said, "The acquisition of ApoA-I Milano provides The Medicines Company with a significant asset that fits well within our current areas of business. This is an area of cardiovascular medicine that is not yet served by therapies currently available, and the potential to provide disease modification for patients with high risk atheroma and associated acute coronary syndromes represents a major innovation opportunity."
Commenting on the transaction, Pfizer noted that the ApoA-I Milano program has the potential to become a valuable and innovative medicine for the treatment of cardiovascular diseases.
MDCO closed Tuesday's regular trading at $8.54 up $0.15 or 1.79% on the Nasdaq. PFE closed regular trading at $18.62 up $0.01 or 0.05%) on the NYSE.
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