Schering-Plough buys Millennium's stake in heart drug

Schering-Plough is buying out Millennium Pharmaceuticals' share of the heart drug Integrilin for a minimum of $250.5 million. Of that, $35.5 million will come as an upfront payment with a minimum of $85 million per year for the next two years in royalty payments. Millennium will also pocket $45 million to $50 million for stockpiles of the pharmaceutical.

"Acquiring the balance of US 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.

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PLUS: Cambridge, Massachusetts-based Millennium swiftly announced that the revised deal with Schering-Plough would lead to the elimination of some 200 jobs. Story