Bristol-Myers Squibb agrees global Recothrom alliance

Bristol-Myers Squibb has announced a new alliance with The Medicines Company for the global distribution of Recothrom, a  topical haemostat to control non-arterial bleeding during surgical procedures.

Under the terms of the agreement, The Medicines Company will pay Bristol-Myers Squibb upfront fees totalling $115 million (71 million pounds) for international commercialisation rights to the therapy, which is designed to help control blood loss in hospital settings.

Net revenues for the product, which has been approved by the US Food and Drug Administration, came to $65 million in 2011

Giovanni Caforio, president for US pharmaceuticals at Bristol-Myers Squibb, said: "The Medicines Company's expertise in advancing the treatment of critical care patients in hospital settings worldwide makes it the natural partner to bring Recothrom to patients and physicians."

This comes after the company launched its innovative anticoagulant Eliquis in the UK last week for the prevention of stroke and systemic embolism in patients with nonvalvular atrial fibrillation, in conjunction with development partner Pfizer.