Biotech Values

[DewDiligence]

MDCO Acquires Esperion

[Well, sort of—but not exactly. The real Esperion was acquired by PFE in 2003 (#msg-1980215); PFE spun off a portion of Esperion’s estate to a private company in 2008 (#msg-28970208), and the status of what was retained by PFE remained an enigma. Until now.

PFE evidently kept enough of the original estate to be worth $10M up front and $410M in potential milestones. A 2003 blog that delves into the IP is recommended background reading (#msg-1751021).

MDCO is holding a CC tomorrow at 8:30am ET.]

http://finance.yahoo.com/news/CORRECTION-The-Medicines-iw-2708379580.html?x=0&.v=1

›Tuesday December 22, 2009, 6:06 pm EST

Product Has Potential to Reverse Plaque Buildup in Arteries

PARSIPPANY, NJ and NEW YORK, NY -- December 22, 2009 -- The Medicines Company (NASDAQ:MDCO ) today announced the exclusive worldwide licensing of ApoA-I Milano from Pfizer Inc. (NYSE:PFE). ApoA-I Milano is a naturally occurring variant of a protein found in human high-density lipoprotein (HDL) that has the potential to reverse atherosclerotic plaque development and reduce the risk of coronary events in patients with acute coronary syndrome (ACS).

Under the terms of the agreement, Pfizer will receive an up-front payment of $10 million for ApoA-I Milano and will receive additional payments upon the achievement of certain clinical, regulatory and sales milestones up to a total of $410 million. Pfizer will also be eligible to receive single-digit royalty payments on worldwide net sales of ApoA-I Milano. The Medicines Company will also pay $7.5 million to third parties.

"The acquisition of ApoA-I Milano provides The Medicines Company with a significant asset that fits well within our current areas of business," said Clive Meanwell MD, PhD, Chairman and Chief Executive Officer of The Medicines Company. "By mimicking the actions of HDL, ApoA-I Milano has been shown in an early clinical study, published in JAMA, to rapidly reduce the size of atherosclerotic plaques. This is an area of cardiovascular medicine that is not yet served by currently available therapies -- and the potential to provide disease modification for patients with high risk atheroma and associated acute coronary syndromes represents a major innovation opportunity."

"We are very pleased to partner with The Medicines Company to advance the ApoA-I Milano program as part of our strategy of out licensing programs that Pfizer no longer pursues internally. The ApoA-I Milano program has the potential to become a valuable and innovative medicine for the treatment of cardiovascular diseases. We look forward to seeing it progress, thanks to The Medicines Company's experience in conducting large clinical trials in cardiovascular patients as well as their expertise in treating critical and intensive care patients," said David K. Rosen DVM, Head of Out Licensing for Pfizer Inc.

About ApoA-I Milano

ApoA-I Milano is a naturally occurring variant of apolipoproteinA-I (ApoA-I), the main protein component of the HDL lipoprotein particle. The variant has been found in approximately 45 individuals from Limone sul Garda, a small village in northern Italy. Carriers of this variant appear to have reduced risk of cardiovascular disease. Patented by the University of Milan and Pharmacia, ApoA-I Milano was licensed to Esperion Therapeutics. Esperion was subsequently acquired by Pfizer in 2004. Since that time, Pfizer has moved development forward with improvements to the original manufacturing process.

In multiple non-clinical models, ApoA-I Milano rapidly removed excess cholesterol from artery walls, thereby stabilizing and regressing atherosclerotic plaque. A phase I-II study in 36 patients demonstrated statistically significant reductions on coronary plaque volume by 4.2% in 6 weeks. These findings were published in the Journal of the American Medical Association and continue to be widely referenced and discussed.

The Medicines Company will host a conference call Wednesday, December 23, 2009 at 8:30 a.m. Eastern Time. The conference call will be available via phone and webcast. The dial in information is listed below:

Domestic Dial In: 866-825-1709

International Dial In: 617-213-8060

Passcode for both dial in numbers: 31802183

Replay is available from 11:30 a.m. Eastern Time following the conference call through January 4, 2010. To hear a replay of the call, dial 888-286-8010 (domestic) and 617-801-6888 (international). Passcode for both dial in numbers is 58773912.

The webcast and supporting slides can be accessed at The Medicines Company's website at www.themedicinescompany.com.

About The Medicines Company

The Medicines Company is focused on advancing the treatment of critical care patients through the delivery of innovative, cost-effective medicines to the worldwide hospital marketplace. The Company markets Angiomax® (bivalirudin) in the United States and other countries for use in patients undergoing coronary angioplasty, and Cleviprex® (clevidipine butyrate) injectable emulsion in the United States for the reduction of blood pressure when oral therapy is not feasible or not desirable. The Medicines Company's website is www.themedicinescompany.com.‹