Schering-Plough Buys Drug Rights

The pact covers the heart drug Integrilin.
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Schering-Plough

(SGP)

has acquired exclusive rights to the heart drug Integrilin from its partner

Millennium Pharmaceuticals

(MLNM)

.

Schering-Plough will pay Millennium $35.5 million up front, plus royalties for development and marketing rights to the drug. In 2006 and 2007, minimum royalty payments each year will be $85 million, barring extraordinary events, according to Schering-Plough.

In addition, Schering-Plough will pay Millennium $45 million to $50 million for existing Integrilin inventories.

"Acquiring the balance of U.S. rights to Integrilin will give us direct control of this important therapy in its largest market. This is yet another long-term action we are taking to increase our importance to health providers and patients and to become a global leader in the very important area of cardiac care," said Fred Hassan, Schering-Plough chairman and CEO.