Millennium: Leaving Europe to Partners
Executive Summary
When it comes to Europe, the biotech industry is increasingly saying "no." The latest refusenik: Millennium Pharmaceuticals Inc. That's because Schering-Plough Corp., beset by a host of management and competitive problems, had seen European sales of Millennium's eptifibatide (Integrilin) weaken and decline-and they had never been strong. Merck & Co. Inc.'s tirofiban (Aggrastat), a weak number three in the IIb/IIIa inhibitor US market, had nearly twice Integrilin's sales in Europe; Johnson & Johnson's abciximab (Reopro) had about ten times Integrilin's sales. Millennium re-acquired the European rights and then immediately sold them again, this time to GlaxoSmithKline PLC