Medicines Co. selling some CV assets to Chiesi

The Medicines Co. (NASDAQ:MDCO) is selling its non-core cardiovascular assets to Chiesi Farmaceutici S.p.A. (Parma, Italy). The deal includes Cleviprex clevidipine, Kengreal cangrelor and the company's rights to ready to use argatroban. It does not include anticoagulant Angiomax bivalirudin, Medicines Co.'s best selling drug, which has faced generic competition in the U.S. since July 2015 and is the subject of ongoing patent litigation with the Hospira unit of Pfizer Inc. (NYSE:PFE).

Medicines Co. is to receive $260 million in cash when the deal closes, which is expected next quarter. It is eligible for $480 million in milestones based on prespecified yearly sales thresholds. Chiesi is to assume up to $50 million in Medicines Co.'s milestone obligations, and will pay about $2 million for product inventory. ...