Source Pravda.Ru

Millennium Pharmaceuticals to get 40M dollars milestone payment

Millennium Pharmaceuticals Inc. Said Friday that it would receive $40 million from Ortho Biotech Products after achieving certain material sales of VELCADE at previously agreed up levels.

Millenium’s income statement will include the U.S. milestone payments.

Millennium Pharmaceuticals is a biotechnology company based in the Cambridge, Massachusetts area of the United States of America. Founded in 1993, the company conducts research in various scientific areas, currently focusing on inflammation and oncology. They manufacture the oncology drug Velcade.