The Medicines Co. said Tuesday it will license a potential heart drug from Pfizer Inc. in a deal that could be worth more than $420 million.
The Parsippany, N.J.-based company will pay Pfizer $10 million upfront to license the product, which is called ApoA-I Milano. It said the drug is a variant on a naturally occurring protein that could be used to reverse the development of arterial plaque, reducing the risk of heart problems in patients with acute heart disease.
Medicines Co. could pay Pfizer an additional $410 million if the drug progresses through clinical development and regulatory review, and reaches sales goals. If the drug is approved, Pfizer will get royalty payments of less than 10 percent on sales.
Medicines Co. will also pay $7.5 million to third parties.
Medicines Co. shares rose 15 cents to close at $8.54. Shares of New York-based Pfizer closed flat at $18.61.