shares rose Wednesday for the sixth straight session, on another positive development for the struggling drugmaker.
The Kenilworth, N.J.-based company and its partner
agreed to let U.K.-based
market Integrilin in Europe.
Under terms of the deal, Schering-Plough and Millennium will continue to copromote the blood-clot drug in the U.S. and share profits. Schering will pay royalties to Millennium in territories outside of the U.S. GlaxoSmithKline will pay royalties, milestone payments and other fees to Millennium based on its European performance.
The companies said financial terms of the complicated deal will not be disclosed.
Schering-Plough shares rose 26 cents, or 1.5%, to $18.01, within striking distance of their 52-week high of $19.95. The shares closed at $16.10 on June 15.
Millennium shares rose 30 cents, or 2.2%, to $13.97, while GSK fell 8 cents, or 0.2%, to $42.65.
Schering-Plough Tuesday officially announced that it had signed a licensing agreement for
proprietary antibacterial agent, garenoxacin, which has already completed Phase 3 development and shown promise against a number of bacterial pathogens.
On Monday, the company announced that Remicade, its rheumatoid arthritis treatment, was approved for first-line therapy by European officials.