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Sep 3, 2009

Bayer Nabs Global Rights to Algeta’s Late-Stage Radiopharmaceutical for Roughly $60.64M

  • Bayer is paying Algeta €42.5 million (about $60.64 million) up front for global rights to the latter’s Phase III treatment for bone metastases in patients with symptomatic hormone-refractory prostate cancer (HRPC). The company could receive development, manufacturing, and commercialization milestones of up to €560 million (approximately $799 million) plus tiered double-digit sales royalties.

    Alpharadin (radium-223 chloride), an alpha-emitting radiopharmaceutical, may also have potential in the treatment of skeletal metastases associated with other types of cancer, according to the firms. Bayer and Algeta will jointly develop Alpharadin. Bayer will pay for most of the associated development costs, and has rights to commercialize the drug globally. Algeta retains the the option to co-promote the product in the U.S. and will be responsible for its commercial manufacture.

    “We recognize the tremendous potential of Algeta’s Alpharadin as a possible treatment for bone metastases in cancer patients,” comments Bayer’s head of global development, Kemal Malik. “The data we have seen suggests that Alpharadin may represent a highly targeted treatment option that could potentially extend overall survival with good tolerability and offers convenient handling."

     



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