Bayer and Oslo-based Algeta enter global agreement
Alpharadin is currently being evaluated in a global phase III trial for the treatment of bone metastases in symptomatic hormone-refractory prostate cancer (HRPC) patients.
Bayer and Algeta will jointly develop Alpharadin, with Bayer contributing a substantial majority of the costs of future development. Bayer will commercialise Alpharadin globally and Algeta will have the option to co-promote Alpharadin in the United States under a profit sharing arrangement. Algeta will be responsible for manufacturing and supply of the commercial product.
Including an upfront payment of $61 million, Algeta will receive cash payments upon achievement of certain development, manufacturing and commercialisation milestones, totaling up to as much as $800 million.
“We recognise the tremendous potential of Algeta’s Alpharadin as a possible treatment for bone metastases in cancer patients – a serious, life-threatening condition. The data we have seen suggest that Alpharadin may represent a highly targeted treatment option that could potentially extend overall survival with good tolerability, and offers convenient handling,” said Kemal Malik, Head of Global Development and member of the Board of Management of Bayer Schering Pharma AG.
“Bayer is committed to its global oncology franchise and has made significant progress in building a comprehensive pipeline of promising compounds that may provide innovative therapies to cancer patients in need of treatment.”
Andrew Kay, CEO of Algeta, said: “In Bayer, we have found the world-class oncology company with a proven global track record of launching major cancer products. We are very excited about working with the Bayer team to deliver this novel and potentially first choice treatment option for cancer patients with bone metastases.”