PARSIPPANY, N.J.--(BUSINESS WIRE)--The Medicines Company (NASDAQ:MDCO) today announced the completion of the previously-disclosed divestiture of its non-core cardiovascular assets, Cleviprex® (clevidipine) injectable emulsion, Kengreal® (cangrelor) and rights to Argatroban for Injection to Chiesi USA, Inc. and its parent company Chiesi Farmaceutici S.p.A. The company has received a payment of approximately $264 million in cash and has the potential to receive up to $480 million in sales-based milestone payments. In addition, Chiesi has assumed up to $50 million in milestone payment obligations. As a result of the transaction and related restructuring, The Medicines Company anticipates a reduction in annual SG&A and related R&D expenses of between $65 million and $80 million.

“After closing this deal, The Medicines Company will have executed two transactions with the potential to generate up to $1.2 billion in non-dilutive cash and implemented a plan to reduce our annual operating burn by $65-$80 million in just six months,” said Clive Meanwell, M.D., Ph.D., Chief Executive Officer of The Medicines Company. “This capital redeployment has created an enormous amount of strategic flexibility for the company and will allow us to focus squarely on the development of our pipeline of potential blockbuster products in a way that will unlock long-term value for our patients, customers and shareholders. We expect to have data for each of these programs this year.”

About The Medicines Company

The Medicines Company's purpose is to save lives, alleviate suffering and contribute to the economics of healthcare by focusing on leading acute/intensive care hospitals worldwide. Its vision is to be a leading provider of solutions in three areas: serious infectious disease care, acute cardiovascular care and surgery and perioperative care. The company operates in the Americas, Europe and the Middle East, and Asia Pacific regions with global centers today in Parsippany, N.J. and Zurich.