Bayer files prostate cancer drug Alpharadin in the EU
German drug major Bayer (BAYN: DE) has filed for approval of its radiotherapeutic product Alpharadin for prostate cancer in Europe, triggering a 50 million euro ($65 million) milestone payment to the drug's Norwegian originator Algeta (OSE: ALGETA).
Bayer has submitted a Marketing Authorization Application for Alpharadin (radium-223 dichloride) to the European Medicines Agency as a treatment for castration-resistant prostate cancer (CRPC) patients with bone metastases.
Algeta's chief executive Andrew Kay said the development was a "significant landmark" for the company, potentially providing its first royalty revenue stream and the prospect of additional studies of radium-223 in other forms of cancer.
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