Par Pharmaceutical Companies Inc.’s (NYSE:PRX) proprietary products division said Tuesday it has acquired the exclusive licensing and commercialization rights to Onconase from Alfacell Corp. (NASDAQ:ACEL)
Onconase is a drug used in the treatment of inoperable malignant mesothelioma currently in Phase III development.
Under the terms of the agreement, Par’s Strativa Pharmaceuticals unit will make an initial payment of $5 million to Alfacell. It will also pay an additional $30 million upon approval of the drug by the Food and Drug Administration.
Alfacell will retain the right to co-promote Onconase in the future and is also entitled to royalty payments from sales, as well as possible milestone payments of an undisclosed amount.
For more information, contact the Mesothelioma Lawyers at Williams Kherkher at 1.800.220.9341.