Skip to main content

Millennium Exceeds $1B In Pharma Funding


CAMBRIDGE, Mass.--Following an alliance with Bayer, Millennium Pharmaceuticals said it has reached over $1 billion in potential pharmaceutical partnership funding. As a result, assuming the Millennium-Bayer alliance receives US Federal Trade Commission approval by year-end as anticipated, the company expects to be profitable for 1998, close the year with over $160 million in cash on-hand, and be poised to leverage its strengthened financial position to expand its drug discovery and development capabilities.

Millennium and Bayer announced that the primary goal of their alliance is for Millennium to supply 225 important new drug targets related to cardiovascular disease, cancer, osteoporosis, pain, liver fibrosis, hematology, and viral infections. Over the five-year term of the alliance, Bayer will provide up to $465 million in total funding to Millennium, including an up-front equity investment and license fee of $130 million, and an additional $335 million in a combination of license fees, annual research funding, and performance fees.

Filed under

The Scan

Not Kept "Clean and Sanitary"

A Food and Drug Administration inspection uncovered problems with cross contamination at an Emergent BioSolutions facility, the Wall Street Journal reports.

Resumption Recommendation Expected

The Washington Post reports that US officials are expected to give the go-ahead to resume using Johnson & Johnson's SARS-CoV-2 vaccine.

Canada's New Budget on Science

Science writes that Canada's new budget includes funding for the life sciences, but not as much as hoped for investigator-driven research.

Nature Papers Examine Single-Cell, Multi-Omic SARS-CoV-2 Response; Flatfish Sequences; More

In Nature this week: single-cell, multi-omics analysis provides insight into COVID-19 pathogenesis, evolution of flatfish, and more.