Yes, PENICILLIUM is a Scrabble word!

Letter values in Scrabble US: P 3, E 1, N 1, I 1, C 3, I 1, L 1, L 1, I 1, U 1, M 3.

Is it a valid word?

PENICILLIUM is a valid word in the official Scrabble dictionary (US), the UK Scrabble Dictionary and Words with Friends (ENABLE).

genus of fungi commonly growing as green or blue molds on decaying food; used in making cheese and as a source of penicillin

Also: genus penicillium.