Abraxis signs deal for 4 products with ProMetic
USA-based Abraxis BioScience has signed definitive agreements with Canadian biopharmaceutical firm ProMetic Life Sciences for the worldwide development and commercialization (excluding China and Taiwan), of four products targeting under-served medical conditions.
These represent market opportunities potentially exceeding $600.0 million in annual revenue for Abraxis. The terms include Abraxis making an initial strategic investment of $7.0 million in ProMetic at C$0.47 per share. Abraxis may also make optional investments of up to $25.0 million for up to 56 million additional shares over the next 42 months. The deal also grants the firm access to ProMetic's proprietary protein technologies for the commercialization of the biopharmaceuticals involved. The licensed products will be manufactured by ProMetic and commercialized by Abraxis, which will also fund all development costs to regulatory approval.
The agreements could earn ProMetic up to $8.0 million in potential development payments and sales milestones in excess of $287.0 million, in addition to royalties on net sales.
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