Clinigen acquires oncology support therapy Cardioxane from Novartis

UK-based Clinigen Group (LSE: CLIN) says it has acquired (AIM: CLIN) the oncology support therapy Cardioxane (dexrazoxane) from Swiss drug giant Novartis (NOVN: VX) for $33 million in cash, payable in two tranches.

Under the terms of the agreement, Clinigen will assume responsibility for manufacturing, registration, distribution, and commercialization of the product in countries where current marketing authorizations exist, including key European, Asian and Latin American territories.

Cardioxane, an oncology support therapy, is a cardioprotective agent used to prevent the cardiotoxicity of anthracycline chemotherapy for patients with advanced and/or metastatic breast cancer. Novartis acquired the product as part of its 2006 acquisition of Chiron. The product is currently licensed for sale in 43 markets around the world, including 18 in Latin America.