Orexo sold Abstral® (fentanyl) sublingual tablets to Galena Biopharma. Under the agreement, Galena will pay Orexo $10 million up front and an additional $5 million within the first 12 months after signing, plus low double-digit royalties and milestone payments based on prespecified sales levels.
Abstral is a sublingual rapid acting formulation of fentanyl, an opioid, and is indicated for the management of breakthrough pain. It was approved by the FDA in 2011. In June 2012, Orexo acquired all U.S. rights to Abstral from ProStrakan Group as a part of a reconfiguration of the worldwide rights to Abstral. With completion of the current transaction, Orexo has secured net cash payments of over SEK 700 million ($110 million) and in addition milestones and royalty payments.
