The Medicines Company Sells Three Non-Core Cardio Drugs
The Medicines Company has agreed to sell three non-core cardiovascular assets, 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.
The transaction is subject to the expiration or termination of the applicable waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended, as well as other customary closing conditions. The transaction, which does not require the approval of the company's shareholders, is expected to close early in the third quarter of 2016.
Source: The Medicines Company