Biotech Values

[DewDiligence]

MDCO sells Recothrom and other hemostatis products to MNK for $175M in up-front cash + $235M in contingent milestone payments:

http://finance.yahoo.com/news/medicines-company-agrees-divest-hemostasis-134500059.html

The Medicines Company…today announced that it has entered into a purchase agreement pursuant to which certain subsidiaries of Mallinckrodt plc will acquire The Medicines Company’s global portfolio of three hemostasis products – RECOTHROM Thrombin topical (Recombinant), PreveLeak, and RAPLIXA (fibrin sealant) – for a total potential consideration of up to $410 million. The Medicines Company will receive an initial payment of approximately $175 million, including inventory, at closing and has the potential to receive up to $235 million in additional consideration for future milestone payments.

This gives MDCO more money to spend on development of its most promising pipeline product: the PCSK9 inhibitor, ALN-PCSsc, licensed from ALNY (#msg-116612954).

Recothrom, when it was owned by ZymoGenetics, was a much discussed product on this board, but that seems like half a lifetime ago!