Medicines Company To Divest Non-Core Cardiovascular Assets - Quick Facts

(RTTNews) - The Medicines Company (MDCO) announced a definitive agreement to sell Cleviprex (clevidipine), Kengreal (cangrelor) and the company's rights to Argatroban for Injection to Chiesi USA, Inc. and its parent company, Chiesi Farmaceutici S.p.A., for up to $792 million, consisting of $260 million in cash payable at closing, up to $480 million in sales-based milestone payments, the assumption by Chiesi of up to $50 million in milestone payment obligations and approximately $2 million for product inventory.

Clive Meanwell, CEO, said: "The transaction will enable us to deploy significant additional capital to drive further development of our pipeline of potential blockbuster products. In addition to generating substantial non-dilutive cash, we expect the transaction and related restructuring to reduce the company's annual SG&A and related R&D expenses by between $65 million and $80 million."