BackGlenmark, Particle Sciences ink deal to develop generic cancer drug Abraxane
As per the terms of the agreement, Glenmark has obtained exclusive global marketing and distribution rights to the product upon commercialization
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Hyderabad: Glenmark Pharmaceuticals Ltd on Monday said it has entered into an agreement with US-based Particle Sciences Inc. to develop and market a generic version of Celgene Corp.’s Abraxane, used in the treatment of breast and pancreatic cancers.
As per the terms of the agreement, Glenmark has obtained exclusive global marketing and distribution rights to the product upon commercialization.
Particle Sciences will develop this product exclusively for Glenmark, and shall receive certain milestone payments during various stages of the product’s development from Glenmark, including royalties on sales, Glenmark said in a statement.
“Development of the product has been initiated for the US market and Glenmark intends to file the abbreviated new drug application (ANDA) in FY19, which will be subsequently filed in other key markets across the globe," the statement added.
“The partnership is a significant development in Glenmark’s complex generics strategy and we are pleased to collaborate with Particle Sciences given their strong technical capabilities and understanding of particulate injection products," said Robert Matsuk, president, North America and global API at Glenmark.
“This is a challenging product to develop and we expect it to remain a limited competition opportunity," Matsuk said.
Abraxane marketed by Celgene has reported sales of $967 million globally and $654 million in the US in 2015. It is a complex injectable drug that was originally developed by Abraxis BioScience. Celgene acquired Abraxis in 2010.
Abraxane delivers chemotherapy drug paclitaxel through protein called albumin, making it a potent and targeted killer of cancer cells. Allergan Plc, the maker of the anti-wrinkle injection Botox, has filed an ANDA for generic Abraxane in March this year triggering a patent infringement battle with Celgene.
Share of Glenmark rose 0.67% to close at ₹ 919.65 on BSE, the benchmark Sensex.
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