NEWS |
|
|
Par Pharmaceuticals licenses Onconase
Par Pharmaceutical Companies Inc. has reached an agreement to acquire exclusive licensing and commercialization rights for the drug Onconase. The drug, discovered by Alfacell Corp., is currently in Phase III testing/development for the treatment of malignant mesothelioma.
Par's Strativa Pharmaceuticals unit will make an initial payment of $5 million to Alfacell with an additional $30 million paid upon approval of the drug by the FDA. Alfacell will retain co-promotional rights and will be entitled to royalty payments and additonal undisclosed incentives.
The drug is made from an extract found in oocytes of the Northen Leopard Frog.