The Medicines Company sells cardiovascular assets to Chiesi

9 May 2016

The Medicines Company (Nasdaq: MDCO) today revealed a definitive agreement to sell Cleviprex (clevidipine), Kengreal (cangrelor) and the company’s rights to argatroban for to Chiesi USA and its parent company, Italy-based Chiesi Farmaceutici.

The value of the sale is 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.

TMC’s shares rose 2.76% to $37.15 in early trading on Monday, when the company also reported a first-quarter loss of $92.4 million, after posting a profit in the same period a year earlier. The company said it had a loss of $1.34 per share. Losses, adjusted for stock option expense and amortization costs, came to $1.03 per share.

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