OR WAIT 15 SECS
3rd September 2009
Algeta has entered into an agreement with Bayer for the development and commercialisation of its first-in-class Alpharadin which is currently in Phase III trials in men with hormone-refractory prostate cancer (HRPC) which has spread into bone.
The deal gives Algeta an option for up to 50% co-promotion with Bayer in the US under a profit-share arrangement. Bayer will commercialise the drug globally and pay royalties on net sales in markets where there is no co-promotion.
Algeta will receive an upfront payment of $61 million with further payments, that could bring the total to $800 million, being paid upon the completion of various milestones.