ARTICLE | Company News

Millennium, Abbott deal

March 19, 2001 8:00 AM UTC

The companies will develop therapeutics and diagnostics for obesity and diabetes, and share certain discovery technologies. Under the five-year deal, ABT will purchase $250 million worth of MLNM stock, including $50 million upon closing the deal and $200 million during the next two years. ABT and MLNM will exclusively contribute their existing pipelines for the two indications, which include more than 35 projects. Profits and R&D costs will be shared, and MLNM and ABT will have joint commercialization rights in the U.S. ABT is responsible for commercialization outside the U.S., and MLNM has co-promotion rights in major European markets. ...